A seniors group said that Social Security’s cost-of-living adjustment (COLA) might be smaller for 2024 than previously estimated. The Senior Citizen’s League said the latest data from the U.S. Bureau of Labor Statistics suggests that the COLA, which will be announced later this year, will likely be around 2.7 percent. The previous estimate from the Senior…
Social Security Adjustment May Be Smaller Than Previously Estimated, Group Says
Social Security Payment Increase Could Drop Significantly in 2024: Seniors Group
A nonpartisan seniors group warned that next year’s cost-of-living adjustment (COLA) for recipients will likely be smaller in 2024 than in 2023, meaning retirees will lose purchasing power. In a news release, The Senior Citizens League said that the COLA for 2024 could be approximately 3.1 percent for 2024, or down more than 5 percentage…
Social Security Expert Says Americans Should ‘Consider Delaying’ Retirement
Because of relatively high inflation, older Americans should hold off on retiring if they can, a policy expert warned this week. After an 8.7 percent Social Security cost of living adjustment (COLA) was implemented starting this year, some have said that it may not be enough to combat the effects of inflation. “For one in…
When Social Security Recipients Can Expect First Boosted Payments to Arrive in 2023
Social Security recipients started receiving a significant increase in their benefits this week amid decades-high inflation that sparked an 8.7 percent cost-of-living adjustment last year. The first payments with the adjustment for 2023 were already disbursed for many Social Security recipients, with more coming throughout the month. The adjustment, known as a COLA, is the largest…
Millions of Americans Get Bigger Social Security Payments as Cost-of-Living Adjustment Kicks In
More than 7 million Americans were slated to begin receiving bigger government benefit payments on Dec. 30 after soaring inflation prompted a near-record high 8.7 percent cost-of-living adjustment (COLA) which, as the year progresses, will ultimately see nearly 70 million people getting a benefit boost. Social Security and Supplemental Security Income (SSI) benefits were slated…
White House Deletes Post After Getting Fact-Checked on Twitter
November 2, 2022
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The White House on Wednesday deleted a Twitter post after it was fact-checked for making an inaccurate claim about the Social Security cost-of-living adjustment (COLA) that was recently announced. “Seniors are getting the biggest increase in their Social Security checks in 10 years through President Biden’s leadership,” the now-deleted White House Twitter post said. However,…
Feds Warn That Offers to Increase Your Social Security Benefits Are Scams
The Social Security Administration (SSA) is warning Americans not to trust unexpected offers to activate a Social Security benefit following the agency’s announcement that it would make a higher-than-usual cost-of-living adjustment for 2023. “That unexpected offer from the Social Security Administration to activate a benefit increase is from a criminal and not the real SSA….
4 Things to Know About Highest Social Security Cost-of-Living Increase in Decades
Social Security payments will increase by an average of more than $140 per month after the Social Security Administration (SSA) announced the largest cost-of-living adjustment (COLA) since the early 1980s. The COLA will increase by 8.7 percent for 2023, the SSA confirmed on Oct. 13. But not all federal retirees will see that amount added to their…
Social Security Announces Biggest Payment Hike in 40 Years: Here’s When You’ll Get It
The Social Security cost-of-living adjustment (COLA) will be 8.7 percent for 2023, the highest increase in 40 years, according to a Thursday announcement from the Social Security Administration. That increase tops the 5.9 percent adjustment that was implemented in 2022, which at the time was the highest in decades, amid surging inflation. The last time the Social…
Social Security Announces Biggest Payment Boost in 40 Years: Here’s When You’ll Get It
Social Security benefits will increase by 8.7 percent in 2023, the biggest boost in 40 years, the Social Security Administration announced on Oct. 13. The cost-of-living (COLA) adjustment will bolster retirees’ monthly payments by an average of more than $140 per month. “The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million…
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