cipation It happens to children when they have to wait to open a gift. When a big game is about to start, athletes have it. If you're a senior in the U.S., you might be feeling a sense of anticipation.
The Social Security increase is only four days away. Retirees should know what to look for.
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The Social Security cost-of-living adjustment will be announced in October of 2022. The final number needed for the calculation of the cost of living will not be available until September.
There is enough information to make an educated guess. The majority of people agree that Social Security benefits will increase. The figure is based on the September level of the consumer price index.
It is1-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-6556 If inflation goes down in September, the lowest the COLA will be is 8.5%.
The Social Security check for retirees and surviving spouses will be affected by the amount of the COLA. The same COLA will be given to individuals receivingSSI supplements, but their checks will increase in January 2023.
The annual Social Security COLAs are free. The SSA says you'll get what it says you'll get.
There are drawbacks to your Social Security increase. COLAs come too late to make up for higher costs incurred earlier in the year.
The spending of retirees is not reflected in the inflation metric used to calculate Social Security COLAs. The buying power of Social Security benefits is at risk due to the lack of weight given to healthcare costs.
This year's Social Security increase coincides with a pleasantsurprise for retirees. According to the Center for Medicare and Medicaid Services, the Medicare Part B premiums will be slightly lower in the years to come. The good news is the result of Medicare spending less money than anticipated.
It's not necessary for retirees to do anything to get Social Security increases. The message center in your "my Social Security" online account will show you how much your monthly check will be. Notices will be sent by theSSA during December.
Contact the SSA if you don't get a notice in the mail or online. It is possible that your notice will arrive late in December.
The easiest way to contact the SSA is through the online services at www.ssa.gov. If you're hard of hearing, you can call SSA.
SSA's toll-free numbers can be used for automated services. You have to call between 8 a.m. and 7 a.m. on weekdays. It is possible to lower your wait time by calling later in the week.
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