https://sputnikglobe.com/20221014/social-security-and-ssi-set-for-largest-increase-in-40-years-1101829773.html
Social Security and SSI Set For Largest Increase in 40 Years
Social Security and SSI Set For Largest Increase in 40 Years
Sputnik International
There are roughly 70 million Americans receiving Social Security benefits and nearly 8 million disabled workers receiving SSI benefits, though some individuals... 14.10.2022, Sputnik International
2022-10-14T01:38+0000
2022-10-14T01:38+0000
2022-10-14T01:38+0000
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Social Security and Supplemental Security Income (SSI) will get an increase of 8.7% in payments starting in 2023.The historic increase, the largest in over 40 years, is part of the cost-of-living adjustment (COLA) and it reflects the rapidly growing cost of food, energy, and housing in the United States. It will be coupled with a 3% decrease in Medicare part B premiums that will also take effect in January.On average, Social Security recipients will receive an extra $140 a month, while the maximum federal SSI benefit will increase to $914 per month for individuals, up from $841 in 2022. For couples, the new maximum SSI benefit will be $1,371, up from $1,261. Last year’s COLA increased payments by 5.9%.The Social Security Administration will begin sending out notices informing recipients of their increased payments. Also in January, the maximum amount of earnings subject to the Social Security payroll tax will increase, reflecting an increase in the national wage average index.
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Social Security and SSI Set For Largest Increase in 40 Years
There are roughly 70 million Americans receiving Social Security benefits and nearly 8 million disabled workers receiving SSI benefits, though some individuals receive both.
Social Security and Supplemental Security Income (SSI) will get an increase of 8.7% in payments starting in 2023.
The historic increase, the largest in over 40 years, is part of the cost-of-living adjustment (COLA) and it reflects the rapidly growing cost of food, energy, and housing in the United States. It will be coupled with a 3% decrease in Medicare part B premiums that will also take effect in January.
On average, Social Security recipients will receive an extra $140 a month, while the maximum federal SSI benefit
will increase to $914 per month for individuals, up from $841 in 2022. For couples, the new maximum SSI benefit will be $1,371, up from $1,261. Last year’s COLA increased payments by 5.9%.
“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Social Security Administration Acting Commissioner Kilolo Kijakazi said in
a blog post.
The Social Security Administration will begin sending out notices informing recipients of their increased payments. Also in January, the maximum amount of earnings subject to the Social Security payroll tax will increase, reflecting an increase in the national wage average index.
