Will There Be A Raise In Social Security 2023
On october 13th, the social security administration announced that the 2023 social security wage base will increase from the current $147,000 to $160,200.00, a $13,200 base increase. Thanks to ongoing inflation, social security benefits will see their largest increase in more than 40 years next year. Social security and supplemental security income (ssi) benefits will increase by 8.7 percent in 2023, the social security administration has announced. That means social security benefits will rise more sharply than anticipated next year, which could accelerate the.
 "2023 Social Security Cost Of Living Increase Could Be Largest In 40")
With an average social security benefit of $1688 per month, a 10.5% social security cola for 2023 would translate into about $175 more per month in the pockets of the average. If inflation increases, the cola for 2023 could potentially be as high as 10.1%, according to the report. Thanks to ongoing inflation, social security benefits will see their largest increase in more than 40 years next year. That means social security benefits will rise more sharply than anticipated next year, which could accelerate the.