2023 Social Security Payments: See How Much Increase in Benefits After 2024 COLA!

The 2023 Social Security payments will see an adjustment following the 2024 COLA. In this article, read and find out how much will the benefits increase!

The 2023 Social Security payments are distributed to four large groups of beneficiaries and the average amount varies substantially among them. These groups of beneficiaries that receive the 2023 Social Security payments include retired employees, disabled employees, spouses, and survivors of beneficiaries.

According to Jennewine, the 2023 Social Security payments of retired and disabled employees hugely depend on their lifetime earnings, while the 2023 Social Security payments of spouses and survivors are based on the earnings of the beneficiary.

Further reports say as of the month of July, the 2023 Social Security payments of retired employees are $1,838.58 on average. On the other hand, disabled employees receive an average of $1,349.44, while spouses receive $891.32, and survivors receive $1,454.08.

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2023 Social Security Payments After COLA

According to Teague, the 2023 Social Security payments will undergo changes after the cost-of-living adjustment (COLA) of 2024. Reports say the annual COLAs hinder inflation in an attempt to help beneficiaries sustain the rising costs of living.

The COLA is reportedly calculated by comparing the CPI-W of the third quarter of the current year to the CPI-W of the third quarter of the previous year and any increase in percentage becomes the COLA in the following year.

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