Social Security benefits in 2023: Will increase apply to disability benefits? How much is COLA? (msn.com)
Record-high inflation is expected to bring a large increase in Social Security benefits in 2023.
Based on the most recent Consumer Price Index report from the U.S. Bureau of Labor Statistics - that showed inflation in June surging 9.1% from the previous year – the Cost-of-Living Adjustment for 2023 will be about 9.6%, according to the latest estimates from the Senior Citizens League. That level of increase would be the highest since 1981 when it was 11.2%.
They better start printing more money.
I can collect now. Thinking I should and not wait any longer, and have been consulting my FA Ted and still not sure…
That isn’t a raise. If the cost of living goes up X and your fixed income goes up X… you haven’t gained a penny extra.
BTW, and I never thought I’d ask this, but when can I start collecting SS? I’m 60 now.
Well, they think it is. With all the inflation, it still helps.
Your full retirement age is 67, Nick and you can collect Medicare at 65.
But neither of those affect when you want to retire with all your money. LOL
Us poor paupers will take anything they can give us. Ha. Ha.
I wish you and I could get all of the SS contributions we made, back. With interest. We’d be rich. This whole Social Security thing must have been thought up by Bernie Madoff.
I know, I have been paying since 1963.
Chris Christie said during the 2016 presidential debate, and I paraphrase, “I’m telling the American people the truth. You have all been ripped off. Your Social Security has been stolen.” I high-fived him through my TV screen.
We got about 15 years of social security benefits left in the pot. I’ve contributed hundreds of thousands of dollars throughout my career with contributions beginning in 1980. By the time I’m ready to collect they will be out of money. What a scam. All my money spent on somebody other than me. There’s plenty of money to hire more IRS agents to make sure that the middle class gets beaten down penny by penny.
Well, I can collect now to the tune of over $400 less a month than if I wait 3 1/2 years to my full retirement age. And two years after that, it would be $900 more than if I start collecting now. I’m going to have to do the math if I’ve only got 15 years to collect on…
Somehow, I don’t see you retiring. You are having way too much fun to quit.
Or ever having to “rely” on Social Security…
Just about when I’ll be pushing daisys, Martin Willes. LOL
My dad said the same 10 years ago. He’ll be 93 at the end of the month…
Well, if I am fortunate enough to reach that age, I’ll be lucky. LOL
If you have Kindle, you should get yourself a copy of this. It’s well worth the $11.00. I listened to it during Windshield time and must say I learned more about SS than I ever imagined. https://www.amazon.com/Get-Whats-Yours-Secrets-Security-ebook/dp/B00LD1OPP6/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=1660742701&sr=8-1