Updating Social Security 2023 - Expectations of $4,555 checks
as promised in announcement - when will we hear more?
It is expected that millions of people will receive checks up to $4,555
as a result of this fall's announcement of the Cost of Living Adjustment.
It's becoming increasingly difficult for Social Security beneficiaries
To live off their checks, especially as inflation surges.
With an 8.7 percent COLA increase in 2023, the maximum benefit for
Social Security beneficiaries will be $4,555.
Benefits have been raised by $140 to $1,827 per month.
The adjustment for next year will likely be announced in
October based on third-quarter data from the Consumer Price
Index for Urban Wage Earners and Clerical Workers (CPI-W).
What you need to know about this year's tax increase
A higher COLA will result in more money for Social Security recipients,
Which may also result in higher taxes for some beneficiaries.
It is possible that Social Security benefits may be taxable for those
who are still working or who receive income through investment dividends.
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