Social Security Payments Expected to Increase This Summer 2023
By Samuel Gonzalez
Retirees who rely on Social Security benefits will be happy to know that the payments are expected to increase this summer 2023. Each year, the Social Security Administration (SSA) adjusts benefits based on the rate of inflation, leading to changes in the average monthly payment.
The Growth of Social Security Payments in 2023
The median Social Security payment for retirees in December 2022 was $1,681. However, with the cost-of-living adjustment (COLA), that amount increased by $144 to $1,825 in January 2023. The trend shows that the average monthly payment has continued to grow:
January 2023: $1,779.16
February 2023: $1,781.63
March 2023: $1,833.23
April 2023: $1,834.80
Estimated Social Security Payment for Summer 2023
Based on the growth shown by the numbers, an estimated average monthly Social Security payment for summer 2023 could be around $1,889.44. However, it must be noted that this amount is only a rough calculation based on the benefit growth from January to April 2023, and there is no way to predict it accurately. The figures also reflect the average payments among beneficiaries in the United States and may not apply to every individual.
Moreover, it is essential to remember that the payment you received in January 2023 will remain the same until January 2024 when you receive the COLA for the next year.
How Social Security Payments Are Calculated
The amount of Social Security benefits you receive depends on several factors such as your record of earnings for 35 years and the age at which you request the payments. The SSA recalculates monthly payments starting in January of the following year based on the rate of inflation or COLA, releasing the new amount in October. This payment remains constant throughout the entire year.
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