With This In Mind, Experts.

With the average monthly benefit for retired workers expected to reach $1,683 in december 2022, a 9.6% cola would increase payouts by almost $162/month, or nearly $1,940. Benefits are projected to climb 8.7% in 2023, the biggest increase in more than 40 years. With this in mind, experts.

The Money Paid In By.

If your birthday falls between the 11th and 20th, your check is paid on the third wednesday, so you'll see your first cola increase on jan. The social security administration (ssa) will announce the official 2023 cola in october 2022. The 2023 cola will be revealed in october, according to an ssa spokesman who spoke with verifythis.com.

Social Security Increase For 2023 Could Reach Double Digits.

The group’s latest cola estimate is well below earlier estimates this year — estimates that projected a social security increase as high as 10.5% in 2023. The maximum amount of work income subject to the social security tax is currently $147,000, a number that will be adjusted for wage increases in 2023. And munnell said it's highly likely.

Based On The New Data Through August, The Senior Citizens League Estimates The Social Security Cost.

A spokesperson for ssa confirmed to the website verifythis.com the 2023 cola will be announced in october. The cpi for july was 9.1%, the first of three months that will determine the cola for 2023.