$1,827 dollars a month is what on average most Social Security retirees will receive under the new Cost of Living Adjustment (COLA) increase starting next January.
The calculations of the Social Security Administration on the effective increase in 2023 indicate that this is the figure that will reflect the monthly checks in the case of retirees who receive funds from the program.
At the time of confirming the 8.7% increase by COLA on October 13, the agency estimated the additional amount that most retirees will receive at more than $140 per month.
However, the total amount will depend on the beneficiary group to which each person belongs.
In the case of beneficiaries of the Supplemental Security Income (SSI) program that applies to low-income elderly, blind or disabled people (including children), the average monthly amount will increase to $914.
Below is a table with the figures before and after the 8.7% increase for each group of beneficiaries:
| Impact of 8.7% increase by COLA in 2023 | ||
| retired worker | $1,681 | $1,827 |
| Married couple, both receive benefits | $2,734 | $2,972 |
| Survivor benefits, elderly spouse | $1,567 | $1,704 |
| Survivor benefits, widowed mother/father with two benefit-eligible children | $3,238 | $3,520 |
| disabled worker | $1,364 | $1,483 |
| Maximum Federal SSI Benefit, Individual* | $841 | $914 |
| Maximum federal SSI benefit, married couple* | $1,261 | $1,371 |
Source: Social Security Administration via AARP
It should be noted that there are certain conditions that apply at the time of making the adjustment.
For example, people who receive survivor or family retirement benefits who have not yet reached full retirement age may have a portion of their Social Security payments temporarily withheld if they continue to work and have income from above a certain level.
This earnings limit changes every year, based on salary trends in the country. In 2023, the limit will be $21,240 for beneficiaries who will reach full retirement age in later years. This year 2022, it was $19,560. For every $2 of annual earned income over that limit, SSA withholds $1 in benefits.
SSI recipients already began receiving their first enlarged payment this Friday. The foregoing responds to the fact that payments are usually processed on the first day of the month, January 1, which falls on a Sunday, so the transfer was brought forward two days.
The rest of the population that benefits from Social Security funds will receive the check with the increase in January and the exact date will depend on the mailing schedule managed by the agency based on each person’s birthday.
In all, more than 70 million Americans will benefit from the new COLA increase by 2023.
The hike is intended to help retirees and other groups cope with the effects of inflation.
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Most Social Security checks increased by 8.7% due to COLA will arrive by direct deposit