Your Social Security Benefit Will Increase To This Amount In 2023 😳

The 2023 cost of living adjustment continues to dominate the news about Social Security. I can partly understand why, it’ll probably be the 3rd or 4th largest increase in history. But with all of this attention comes some misinformation that comes from either sloppy reporting, not really understanding how these work, or maybe it's just the inability to do basic math. I’ve seen estimates all over the place about how much the increase will be not only in terms of percentages but in dollars too. So I wanted to take just a few minutes and clarify a few things you should know.

Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement

Access the workshop today at this link

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⭐⚠️⭐Please read this⭐⚠️⭐

⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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[brucewood]

The COLA is all well and good TO A POINT! What is also needed is a payment at the end of each year to recover the loss of purchasing power that has already occurred as the current monthly benefit lags behind inflation. That loss has been dramatically demonstrated this year! The COLA is calculated in arrears and surely diminishes the purchasing power of Social Security payments from year to year. The old saw that goes, "A day late and a dollar short" certainly describes the Social Security COLA scheme.

Woody

[kathleennece]

Doesn’t matter how much they raise social security because Medicare will increase their cost, your RX will increase, and if you have a supplemental insurance, it definitely will increase too. Gets worse every year.

[nancypeterson]

Any time we get a raise on social security then Medicare is ALLOWED to increase our costs!! We should all get the same.medical care Congress members get! That way they would ensure that we get same level of care OR they would have to suffer with us. They could not handle it!

[billkop]

Cola raise is a joke, by the time we get it the cost of living is going threw the roof, and food Price's are not coming down anytime soon, plus if you have a greedy landlord that keeps raising the rent, it's a never ending problem, but again I'll say our Lazy Rich Overpaid Politicians on both sides of Washington don't care about us on SSI and SSDI and railroad and VA, we have the worst Leadership in Washington ever!!! Can anyone tell me why we the taxepayers keep paying them 17+ grand a month???

[tessk]

How hard is it to understand though? Not everybody received the same amount of social security….that’s why the raise will be different for everyone

[bonniebeck]

I’ll be working till I’m dead had to go back to work out of retirement at 68..really sucks Work most of your life and now can’t retire.

[lesam.colvin]

What the hell does it matter !!!
Your going to get whatever SSA gives to each have no control over any of this!!!

[_S.R._]

I already lowered my monthly expenses by eliminating beef, milk, cheese, yogurt, sodas, and snacks from my groceries list to name a few.

[emc]

Thank u for taking the time to break this down for everyone.

[irenebaker]

Thank you. I have seen people doing dollar amount and I guess they don’t understand that it’s a %.

[ricknelson]

My costs are up over $400 per month this year and whatever raise we might get will partially be absorbed by rising Medicare costs

[rogbrogb]

How about getting us all UP TO Minimum Wage? Most businesses can't get away with paying less! But the government can impose poverty as punishment for being disabled! Neither party gives af.

[seecanon]

Drug costs are horrible ( ozempic from $25 to $800 a month), food is a joke, transportation is questionable. Deductibles are 3 times higher.

[textsmsmaster]

All fully retired Seniors who receive a low fixed income .. let's say $1000/mo .. @5%? = $50 .. @8% ? = $80 .. @11% ? = $110 .. those increases are not retroactive and they don't make up for the 12 monthly 2022 losses just on the prices of basic food and necessities or co-pays either .. no matter the COLA increase .. they will be still a losing proposition in 2023 .. but I don't hear you reporting that negative doom and gloom outlook in any of your videos .. you stay away from the factual truth of the matter and don't provide a balanced or fair information!

[crispbacon]

They are now talking about a $200 per month increase for Social security recipients. Be very careful what you wish for. That would put me over the eligibility limits for several benefits that I receive. Food stamps, Extra Help, Liheap and other electric utility On Track benefits. That would come out to about $8, 000 per year of lost benefits for a $1, 200 increase in my social security benefits. Be very very careful what you wish for!.

[savannahdockins]

Why do they call it a raise when Medicare costs go up more than what we get. We usually end up with a net loss after Medicare.

[minutewithmark]

Even a 15% increase would not help when the cost of food continues to get higher & higher. The average American is losing $200-$400 a month in purchasing power let alone those of us on a fixed income

[judithzbiegniewicz]

I am on SSI and live on 928 a month. And food stamps does not help.

[margiebraudrick]

I'm sure a lot of our retirees receive less that $1500 per month. You should make another graph that helps let our seniors know what's up.

[pammartinez]

I have to work. I'm homeless and car on it's last legs. My 1000 covers food, gas, insurance and phone barely. I need to know how much I can make, before being penalized. It would be nice if they increased by at least $250 and then give COLA raise. Then maybe I wouldn't need to work full-time. I have health issues that make it very hard to do full-time.