Social Security COLA 8.7% for 2023

[Diggin It]

Cost-of-Living Adjustment (COLA) Information for 2023​

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits)

Read more about the Social Security Cost-of-Living adjustment for 2023.





Medicare Part B drops to $164.90

 

[scootr]

The govt solves another problem it created by piling on more dept-flation

 

[lman]

My wages aren't going up like that, I guess I should retire.

 

[scootr]

If you retire before 70 you are leaving monthly payment $ on the table. My friend started collecting at 62 yrs. He swears he got enough $ in that time to put him ahead of the waiting game. IDK
I'm still working, self employed at home, so I'll wait 1 more yr to collect without earnings penalties.
And no your wages are not going up like that unless you work a min wage job, in which case your wages doubled.
And we wonder why the cost of everything is going up?

 

[mjarrels]

I waited until age 66 to apply, get a bit more than most other folks. My Navy retirement with 21 years service and VA disability is good money but its all taxed but the VA disability is not.

mark




i

 

[newbury]

If you retire before 70 you are leaving monthly payment $ on the table.

That is a wet blanket statement. Depends on your retirement plan and the costs associated with your job (cost of commute, meals, extra clothing etc.).
In my case after figuring out what my retirement was I retired after 37 years (@61) and made about the same as I did when working.
A lot of my coworkers with hour long commutes actually came out far ahead after retiring. But then as CSRS workers we don't get SS.

 

[Snobdds]

If you retire before 70 you are leaving monthly payment $ on the table. My friend started collecting at 62 yrs. He swears he got enough $ in that time to put him ahead of the waiting game. IDK
I'm still working, self employed at home, so I'll wait 1 more yr to collect without earnings penalties.
And no your wages are not going up like that unless you work a min wage job, in which case your wages doubled.
And we wonder why the cost of everything is going up?

This is overly simplistic.

When to collect SS is basically a, when do I think I will die question. Actuaries calculate the general break even point for delaying SS is around 82. So if you live past 82 and started collecting at 70, you are beating the system. If you die before 82 and started collecting at 62, you are beating the system. Conversely, if you live past 82 and start collecting at 62, the system is going to beat you.

So look at your parents. When did they die. If the average age is > 82...delay as long as possible. If their average age is < 82...collect sooner.

Act accordingly...

 

[RoyJackson]

I first applied in 2012 when I turned 62. Then I got a job and put SS payments on suspension for 5 years (when I turned 67 and it was full SS at that age). I'm still working full time (maybe for another 6-7 months) at 72, so the payments are still increasing.

 

[KennyG]

This is overly simplistic.

When to collect SS is basically a, when do I think I will die question. Actuaries calculate the general break even point for delaying SS is around 82. So if you live past 82 and started collecting at 70, you are beating the system. If you die before 82 and started collecting at 62, you are beating the system. Conversely, if you live past 82 and start collecting at 62, the system is going to beat you.

So look at your parents. When did they die. If the average age is > 82...delay as long as possible. If their average age is < 82...collect sooner.

Act accordingly...

This is true from a strict mathematical sense. However, if you don't really need the money before 70, there is no reason to start collecting. If you die early, you can't take it with you. However, if you live to be 100 you will be much more likely to need the higher income. This becomes even more important in high inflation times, since you have a higher base to increase.

Many people who maxed out on contributions and delayed benefits will have over $50K in SS payments in 2023.

 

[scootr]

No way 50k annually Maybe 38-40k - that's still nothing to sneeze at