Seniors and other recipients are getting the biggest bump since 1981. But tax and Medicare issues may complicate things.
The annual cost-of-living adjustment, or COLA, takes effect with the December benefits, but those payments will reach most recipients in January 2023,to the Social Security Administration. With the increase, the average benefit check will rise more than $140 to $1,827 a month, compared with the typical benefit of $1,681 in 2022.
She added,"We have just been through a period where retirees are trying to cope and manage, and they have never been through anything like this before." People who claimed Social Security before May 1997 or who receive both Social Security and Supplemental Security Income will receive their Social Security payment on January 3.
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