Biggest Social Security Increase in 40 years for 2023

Social Security is updated each year and is estimated to increase by 8.7% for 2023, according to a report by the Senior Citizens League release on Sept 13, 2022. This significant increase of Social Security benefits could be a windfall for many Americans, and marks the largest increase in over 40 years.
Thiago Glieger covers what we learned this week as well as THREE factors you'll want to consider about Social Security's cost of living adjustment for 2023.
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[@TheFedCorner]

Click here to find out if you're on track to meet your financial goals: connect.emaplan.com/61j

[@jake-mv5oi]

What's this mean for those of us who haven't started drawing social security? Smaller payouts when we do start to draw?

[@TheFedCorner]

One thought is that Social Security continues to push back the age in which eligibility may be. This helps relieve the stress on the overall system. Payments may be nominally similar, but purchasing power may be less than we know now.

[@jake-mv5oi]

@@TheFedCorner I was looking at my SS contributions a few months ago and on the statement it said that unless something changes, they would only be able to pay me 78% of my estimated payment after 2034. Really wish I could just opt out of SS.

[@TheFedCorner]

@@jake-mv5oi That's something many folks wish was an option, but the system needs everyone participating or it would collapse. For younger folks, SS benefits should account for less and less of their retirement plan over time. In general, planning for worse and more conservatively is better if you end up being right or wrong!

[@DeltaRoots]

8% is small

[@TheFedCorner]

I hear you, especially compared to how prices have been lately! -TG

[@bigfootresearchersofnewark3037]

Could be doesn’t mean it will be !!!!!

[@TheFedCorner]

Fingers crossed!

[@jacksummer854]

Greedy seniors. There should be no increase. Young people are struggling.

[@TheFedCorner]

We understand your frustration, but consider that if COLAs didn't exist, younger people would actually be hurt the most. Inflation does more damage the longer your time horizon. Also, retirees contributed for many more years during their careers.

[@jacksummer854]

@@TheFedCorner We did not contribute for ourselves. Our contributions went to other beneficiaries. Today young people are paying in much more that we did. All COLA's should be eliminated,.