Let’s Look at How Big Your Social Security Check Will Be in 2023
Social Security recipients will see a historic increase in their Social Security checks next year. According to The Motley Fool, the 8.7 percent cost-of-living adjustment (COLA) will be the biggest year over year increase in 41 years.
But what exactly does this mean for the average senior collecting Social Security?
In 2022, the average retired worker receives a monthly benefits check for $1,681. The average retired couple is taking in $2,734 each month. With the 2023 COLA, they will all see a triple-digit monthly “raise.”
Next year, the average retired worker will receive $1,827 each month — that’s a $146 per month increase. Couples, who each receive a Social Security check, will see a monthly increase of $238 with an average monthly benefit of $2,972.
Although retirees will still feel the impact of high inflation, these benefits boosts will certainly help struggling seniors.
The Seniors Trust believes we need to do more to help financially strapped retirees. We want Congress to enact the Social Security Expansion Act. This landmark piece of legislation will increase benefits by about $200 per month, establish a more fair COLA calculator that reflects the unique expenses facing seniors, and create a strong and long-lasting Social Security Trust Fund, ensuring that the fully promised benefit amounts continue to be paid far into the future.
