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Latest Cost-of-Living Adjustment – Social Security
All those who receive benefits from the Social Security Administration (SSA) will see an 8.7% increase in their monthly checks, a percentage that has not been seen, in a matter of increases, in the last decades. If what you want to know is the exact amount that you will get from 2023, you can do the review from your My Social Security account.
And it is that the SSA was waiting for the month of December to arrive to enable the beneficiaries of Social Security the statements of account in which the exact amount that they will receive from the increase approved by the same institution appears, which is of the 8.7% This percentage was given by the Cost of Living Adjustment (COLA) that the institution approves each year.
“A secure and free account at my Social Security provides personalized tools for everyone, whether you receive benefits or not. You can use your account to request a replacement Social Security card, check the status of an application, estimate future benefits, or manage the benefits you are already receiving”, reads a description of the service on the official website of the Insurance Social.
This service is available to those beneficiaries who registered or created their My Social Security account no later than November 15 2022. Through My Social Security, users can review their current benefits and expected future benefits, based on their expected retirement age and work history, as well as review other personal information related to their senior income.
How to review the COLA for 2023
The first thing you need to do is sign in to My Social Security. Once you have entered, you must go to the message center to find the document that contains all the details about the new amount that you will receive as part of your benefits for the entire year 2023.
In this document you will find information about the amount you currently receive as a monthly benefit, both before and after deductions, and also the amount you will receive when your first payment is issued with the 8.7% COLA increase already built in. your benefits.
What to do if I didn’t sign up for My Social Security by the deadline
Don’t worry, if this is your case, then you will be able to review the information by means of a notice that will arrive to your postal mail. This will reach your hands in December.