Cola For 2023 Social Security
If the couple’s social security benefits instead were $60,000, then they could withdraw $18,703 with no tax, which in 2023 would go up to $65,220 in benefits and slightly. That’s fantastic news for seniors who. That will result in an average social security benefit. According to some experts, the social security cola in 2023 might be as high as 10%.
That would represent the biggest increase since 1981 when the cola hit 11.2%,. In 2021, payments grew by an average of $20 a month on the back of a 1.3 percent. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola. The 2022 cola of 5.9 percent increased the average retirement benefit by $92 a month.