![]() The group estimates that a senior who filed for Social Security with an average level of benefits over 30 years ago would have received about $14,000 more in retirement, had the R-CPI-E been used to calculate benefits. Social Security recipients can look forward to is a much bigger payment in 2023. The R-CPI-E is based specifically on the spending patterns of the elderly. The league calls for the use of R-CPI-E, or the Consumer Price Index for the Elderly, in place of the CPI-W. The SCL says this figure underestimates the inflation experienced by Social Security recipients, since it does not give enough weight to expenses senior citizens have, such as healthcare or housing. More than 65 million Americans will see the 8.7 increase in their payments beginning in January of 2023. 8: SSDI payment for those with birthdays falling between the 1st and 10th of. The Social Security Administration has announced a cost-of-living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income benefits. Heres when your payment should arrive, based on your date of birth: Feb. Federal SSI payment levels will also increase by 8.7 percent effective for payments made for January 2023. When youll get your SSDI February payment. Social Security benefits will increase by 8.7 percent beginning with the December 2022 benefits, which are payable in January 2023. One often-cited gripe with the CPI-W is the weight it gives to things like gasoline - something urban wage and clerical workers might need to commute to work every day more so than retired seniors. One thing all Social Security recipients can look forward to is a much bigger payment in 2023. The latest COLA is 8.7 percent for Social Security benefits and SSI payments. ![]() ![]() But in 2023, the cost-of-living adjustment (COLA) is. The CPI-W is the benchmark upon which monthly Social Security benefits increases are determined, but the Senior Citizens League has long advocated that the index is not representative of the way seniors live. If youve been receiving Social Security, you probably recall that you got a sizable raise in 2022. The prior COLA came in at 5.9%, and 9.6% this year would be enormous in terms of COLA rates in the recent past. An adjustment of 9.6% would increase the average monthly Social Security retirement benefit of $1,656 by $158.98, says Johnson.
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