Recipients of Social Security will soon see the final payments for August in their bank accounts. The day of the month you were born determines when you will receive your check.
COLA Social Security Updates: It offers millions direct payments to retired workers. (Photo: Washington Examiner)
According The US Sun, checks for people who were born after August 21 will be issued on August 23.
On August 9, payments were made to those who were born between the first and tenth of the month.
An individual received their payments on August 16 if they were born between the 11th and the 20th of the month.
This has been the 2023 cashing in COLA Social Security Updates.
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The maximum benefit for recipients is set at $4,555 due to this year’s cost-of-living adjustment (COLA Social Security Updates), while the typical check is $1,827.
Details on how to calculate COLA
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) third quarter data are used to calculate the COLA.
The consumer price index (CPI), which is more well-known and is most frequently used to gauge inflation, has a variant called the CPI-W.
Only four times since the annual adjustment was introduced in 1975 did it reach 8% or more.
The highest adjustment, 14.3 percent, occurred in 1980.
55 percent believe the cost of living adjustment is insufficient. Here’s COLA Social Security Updates, after the COLA was raised to 8.7 percent, the maximum Social Security benefit that Americans can receive in 2023 is $4,555.
The COLA increase was the biggest in 40 years.
However, a survey conducted by the Motley Fool in December found that at least 55% of Americans think the COLA increase is insufficient.
COLA aids Americans in battling inflation, which has made it difficult for those with low incomes to purchase necessities.
According to the survey, 85% of Americans who are retired have noticed how rising inflation has affected their daily costs and say it is stretching their budget.
The SSI payment for the following year is calculated in addition to COLA.
In order to keep up with inflation rates, Social Security benefits are increased through the Cost-of-Living Adjustment.
The COLA is not the only factor, though, that retirees should take into account when estimating their future payments.
The Medicare Part B premiums for pensioners who also participate in that program are adjusted annually and deducted from their SSI benefits.
The extra money is deducted from SSI recipients’ monthly checks to cover rising insurance premiums.
The Motley Fool’s financial experts forecast that Medicare Part B premiums will rise in 2024, decreasing any additional money that retirees might get from the COLA.
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