COLA Social Security payment schedule 2022 — Direct payments to increase to $4,555 in 2023 – how to claim the extra cash

MILLIONS of Americans will see direct payments of up to $4,555 in 2023. Social Security benefits are calculated each year based on a cost-of-living adjustment (COLA). Where the consumer price index (CPI) ends up toward the end of the year determines the following year’s COLA amount. Due to the Russia-Ukraine war and inflation, the index spiked to the index surged by 8.3 percent in April. The Senior Citizens League (TSCL) has tweaked its 2023 COLA estimate, now projecting that the COLA will rise to about 8.6 percent. The increase would mean that the average benefit would climb by about $143… Read Full Article