Social security payments are increasing significantly, but they may not be enough to cover costs.
1. The cost-of-living adjustment (COLA) for 2022 will result in larger Social Security checks in 2023
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2. This is due to high inflation during the term 2022.
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3. Social Security recipients can expect to see an increase in their benefits next year
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4. The announcement of the exact amount coming on Thursday, October 13.
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5. The Social Security Administration has suggested that the new cost-of-living adjustment (COLA) will be nearly 9%.
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6. This would be the largest hike since the most recent inflationary period more severe than the current one, which resulted in an increase of 11.2% in 1981.
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7. Assuming a near-average Social Security check of $1,600, a 9% increase would result in an adjusted check amount of $1,744.
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8. The short-term benefit is not the only important aspect of this increase - the long-term effects are just as crucial.
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9. This is because any future changes to the Cost of Living Allowance (COLA) will be based on the new, higher number.
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10. As interest rates rise in order to fight inflation, other costs that are associated with loans and credit cards will also see an increase.
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11. This puts pressure on beneficiaries who are already struggling to keep up with the rising costs of living.
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12. The proposed changes will not only benefit senior citizens, but also many people with disabilities
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13. It will also advantage an estimated 4 million children whose parents are retired, deceased or disabled.
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14. These increased payments will improve the lives of those who receive them.
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