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Wednesday, November 30, 2022

Increase in monthly Social Security payments in the United States…

Aumentan los Pagos Mensuales del Seguro Social en Estados Unidos

there will be a Social Security benefits increase by about 8.7% in the United States For the next year 2023, according to a study by The Senior Citizens League.

But what is the reason for this increase?Will Social Security benefits increase across the country? In which states will it be higher and who will get it?

As we already know, the Social Security Administration (SSA) sends monthly payments to retired workers and people with disabilities who are eligible for Supplemental Security Income (SSI), but these payments are affected by a variety of factors each year.

For example, continued rise in inflation has regulated the CPI-W related to the cost of living (COLA) over the past year, in order not to hurt the purchasing power of Social Security beneficiaries.

So, The said increase for the year 2023 will be reflected in the payment that is made to the SSA every month. distribution to their beneficiaries.

A recent study by The Senior Citizens League found that each eligible person would earn an additional $144 each month, earning an average of $1,801 instead of $1,657.

That means an increase of 8.7%, but it won’t be until October that the SSA officially announces it so the new COLA adjustment goes into effect in December of this year and beneficiaries can receive it starting January 2023.

Now, not all monthly SSA payments for the next year will be increased to the same extent, as in some states it will be higher than in others and why is that?

Which states will have the highest increase in Social Security payments?

Average Calculation of Monthly Payments to SSA Beneficiaries It depends on a number of factors that are collected in a statistical study conducted each year.

From there, the amount is estimated to be received by eligible people, in this case retired workers as well as their spouses and children.

By 2023, the increase in beneficiaries’ payments will be reflected, thanks to an increase in COLA as a result of inflation that occurred during 2022 and, according to Sean Williams of The Motley Fool, this increase will be higher in some states than in others.

these are 5 states to have the largest increase in Social Security payments by 2023,

  • Connecticut: Average monthly retirement benefit will increase from $146.87 to $835.06.
  • New Jersey: The average monthly retirement benefit will increase from $146.67 to $1,832.60.
  • Delaware: Average monthly retirement benefit will increase from $144.39 to $1,804.09.
  • New Hampshire: Average monthly retirement benefit will increase from $143.67 to $1,794.99.
  • Maryland: The average monthly retirement benefit will increase from $141.92 to $1,773.25.

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