Social Security 2023 Increase Updates on COLA: Huge Boost Coming – You Can Get Extra $144 a Month
Thanks to the Cost of Living Adjustment (COLA), the average Social Security applicant in all states will soon be earning an additional $144.10 per month. In 2023, so long as inflation remains high, this surge will affect Social Security, Social Security Disability Insurance (SSDI), and Supplementary Insurance (SSI) income recipients.
According to a published post by The US Sun, the new increases will take effect in January for retirees and on December 30 for SSI applicants. All those who applied for benefits before the change will have their benefits calculated on her website at the Social Security Administration.
The COLA was raised to 5.9% last year, marking the largest payout increase in decades. This year’s COLA surge is the highest in 40 years. Senators and representatives, presidents and vice presidents, federal judges, and other federal officials and employees are covered by the Social Security Program.
COLA Social Security 2023 increase updates — Huge boost coming within weeks – you can get extra $144 a month (Photo: The US Sun)
They pay Social Security taxes, just like most Americans.
The Social Security Act of 1935 exempted “services performed on behalf of the United States Government” from occupations in which employees paid into the system and received benefits under the AARP.
Senators and Representatives were not required to pay Social Security taxes on their salaries in Congress, but they were required to pay them on external income such as speaking fees. Fortunately, remarriage does not affect a person’s Social Security retirement benefits.
These payments are calculated based on your and your spouse’s income history. On the other hand, remarriage affects your SSI and survivors’ benefits. So, if these are the sources of income you mainly rely on, you may want to reconsider when remarrying.
READ ALSO: $600 Money Americans Could Lose Per Year Because Of COLA In 2023
