By now you’ve heard the news — Social Security beneficiaries will receive an 8.7 percent cost-of-living adjustment (COLA) for 2023. BUT that does not mean your monthly check will increase by 8.7 percent. According to an article by The Motley Fool, some people could get more while others get slightly less.
The way Social Security calculates your monthly benefit amount is rather complicated. A lot has to do with your work history and your full retirement age, in addition to your Medicare premium. The article does a wonderful job of explaining exactly how your monthly benefit check will be calculated.
You won’t have to wait much longer to find out what your 2023 monthly benefits check will be. In December, Social Security will start mailing COLA notices to recipients, informing them of their new 2023 benefits amount.
The Seniors Trust wants all seniors to receive a fair COLA and that’s exactly what the Social Security Expansion Act will do. In addition, this landmark piece of legislation will immediately increase benefits by about $200 per month and create a strong and long-lasting Trust Fund.