The Social Security Administration (SSA) will send an email to the beneficiaries of its programs in early December informing them of the amount of the increase in checks as of January 2023 based on the 8.7% Cost of Living Adjustment (COLA) announced on October 13.
“Social Security and SSI (Supplemental Security Income) recipients are typically notified by email in early December of the new amount,” the SSA said in a press release.
The entity recommended that recipients follow the updates on the increase through an account in my Social Security.
“It is safe, easy, and people reports before the mail arrives,” the entity said in a press release last week announcing the 8.7% increase as of next January.
“The people People can also choose to receive a text or mail alert when there is a new message from Social Security – such as a COLA notification – for them, instead of receiving a letter in the mail (postal)”, detailed the entity.
The office provides Americans with the alternative of opening a free account on the platform to receive COLA notifications online.
To start an account, you must access http://www.ssa.gov/myaccount and provide the information requested by the system.
The increase of 8.7%, the largest since the years 80, will translate (on average) into more than $80 additional monthly dollars for retirees.
The announcement of the increase occurred at the same time as the disclosure of the September inflation figures by the Bureau of Labor Statistics of the United States Department of Labor which stood at 8.2%
The COLA is established by applying the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W).
The formula is a comparison of the inflation levels of the third quarter of the current year (July, August and September) and that of the previous year. If the current CPI-W is higher than the previous one, Social Security beneficiaries will receive a raise next year.
The purpose of the increase is to guarantee that retirees have the necessary means to face the increase in the cost of products and services due to inflation.
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