EXPERTS estimate the cost-of-living-adjustment for Social Security payments could be anywhere between 9.3 percent to as high as 10.1 percent in 2023.
This will leave an extra $159 in millions of eligible Americans’ pockets.
The next round of cost-of-living adjustment checks for eligible Americans will be distributed by the Social Security Administration (SSA) in the coming days.
Your payment will be deposited, for instance, on the second Wednesday of each month if your birthday falls between the first and the 10th.
Your money will be deposited on the third Wednesday of the month if your birthday falls between the 11th and 20th.
The fourth Wednesday of the month will be the deposit day if your birthdate falls between the 21st and the 31.
The final check of the month is due to you on August 24.
Read our COLA blog for more news and updates…
Georgia’s 2023 education budget includes raises
The budget is set to include $287million for a $2,000 raise for certified teachers and employees, beginning September 1.
Elder Index reveals cost of aging
The Elder Index found that 54 percent of older women living alone are either poor according to federal poverty standards or unable to pay for essential expenses.
It’s lower for single men, the study calculates 45 percent.
It estimates that a single senior in good health and paying rent needed an average of $27,096 for basic expenses in 2021.
That’s $14,100 more than the federal poverty threshold of $12,996.
The gap was even greater for couples.
First recipients, continued
Fuller had retired from her job as a legal secretary the previous year.
She paid into the program for three years.
Fuller collected benefits until her death in 1975, at the age of 100.
From 1937 until 1940, recipients earned a lump-sum Social Security payment.
This was to help people who were retiring shortly after the Social Security Act was passed and who had paid into Social Security but would not be working long enough to see their monthly payments.
The first applicant for a lump-sum benefit was a Cleveland, Ohio-based train operator, Ernest Ackerman, who retired the day after the program began.
He had 5 cents withheld from his pay for Social Security and received a lump-sum payment of 17 cents.
Texas officials to receive COLA, continued
The salary increase will help the county ensure competitive pay for new hires.
It will also impact the salaries of elected officials unless otherwise defined by code, but won’t impact the salaries of current employees unless they are below the new minimums of their pay grades, according to Community Impact.
The new positions will be funded at eight percent over the base and the COLA for retirees will be two percent.
The estimated fiscal impact is roughly $111,000 and the two percent for retirees is nearly $4million total.
Texas officials to receive COLA
The Williamson County Commissioner’s Court approved a five percent cost of living raise for employees and elected officials for next year’s fiscal budget.
A report from Rebecca Clemons, senior director of human resources, revealed why salaries as well as inflation and are needed.
The cost of living adjustment is based on a 2022 study in Dallas and the Houston area.
Poverty gap for senior citizens of color has grown
Chasing Progress, a Colorado News Collaborative project has recently reported that the poverty rate for Black and Latino senior citizens has grown in the last decade.
The study had shown that Black seniors are more than twice as likely to fall into poverty than white seniors, and Latino seniors are nearly three times as likely.
Denver’s population has also gotten older with people over 65 years old making up 12.2 percent of the population.
Census data also shows that seniors have to spend more time in the workforce to afford retirement benefits.
CareArc employees receive COLA
Nationwide employees from CareArc will receive an increase in compensation to offset inflation.
KVOE reported that during the CareArc Board of Directors meeting, CareArc Executive Director Renee Hively announced that the increase “it is not a raise” but instead is a cost of living adjustment increase.
The exact percentage has yet to be announced but comes at a time when qualified nursing and other staff positions are at an all-time high.
Lawmakers reintroduce SS legislation
The bill is called the Protecting and Preserving Social Security Act and ensures that seniors continue receiving benefits from Social Security programs.
Additionally, it would extend the Social Security as the projected depletion of the OASI and DI Trust Fund Reserves from 2035 to 2052.
The bill would also reduce the federal deficit by roughly $12.3trillion by the end of the 75-year projection period.
School staffers plan to strike over wages
Hundreds of staffers from American University are preparing to strike if they do not see a contract that reflects higher wages and healthcare benefits.
For over a year, American University and a union representing nearly 550 clerical, technical and academic staff members have been negotiating a deal, according to the Washington Post.
The publication also said that progress has been made on job security, but salary increases still need to be discussed.
Negotiations will take place sometime next week.
Lowe’s offers $55million for workers
To offset inflation, the home improvement company Lowe’s will now offer $55million in bonuses to its hourly workers.
Lowe’s CEO Martin R. Ellison announced in an earnings call, “In recognition of some of the cost pressures they are facing due to high inflation, we are providing an incremental $55 million in bonuses to our hourly frontline associates this quarter.”
The number of employees receiving the bonuses was not announced although the employs approximately 300,000 associates, according to the company’s website.
Millions of renters impacted by price increases
A survey from Freddie Mac found that nearly one in five renters whose rental costs rose in the past year feel they might miss a payment.
The study also found that rents have now outpaced raises for a third of renters who received a raise.
This is greatly impacting the housing market as more than half of the renters in the past 12 months said they are now less likely to buy.
Prepare for taxed benefits
It’s possible that you could end up paying federal taxes on your benefits.
About 50 percent of retirees pay taxes on their Social Security benefits.
If your gross income is between $25,000 to $34,000, you could have to pay an income tax of up to 50 percent on your benefits.
County employees get nine percent COLA increase
County employees in Hawkins, Alabama will receive a nine percent wage increase to offset inflation.
The Times News reported that The Hawkins County Commission voted Monday during the 2022-23 budget meeting.
The increase was met with opposition but ultimately, two things were decided: raising the property tax rate by 15 cents and offering a cost-of-living adjustment at the rate of inflation to all county employees.
Being efficient with your mortgage
It can be difficult to understand what is going on when purchasing a home.
A mortgage calculator will keep the buyer in check to ensure they are aware of the full process.
To calculate monthly mortgage rate, the buyer needs:
- The home price
- Down payment amount
- The interest rate
- The loan term
- Any taxes, insurance and any HOA fees
Housing market heavily affected by inflation
In June, many home-purchase agreements were canceled. This makes it the biggest housing contract dumb since spring 2020, according to Forbes.
Due to the decreased interest in purchasing a home, many sellers will have to lower their prices to a more normalized cost.
Disability benefits statistics
The Social Security Act defines disability strictly so the beneficiaries are amongst the most severely impaired people in the country.
For those who start receiving benefits at the age of 55, one in six men and one in eight women die within five years after the start of their disabilities.
Disabilities are not only faced by the elder. In fact, young people face serious medical conditions such as cancer or mental illness. For people in their 20s, more than one in four become disabled before retirement age.
Eligibility for Social Security’s disability program
A person must see the definition of disability under the Social Security Act. In short, a person is disabled if they cannot work due to a severe medical condition that has lasted at least one year.
The medical condition must prevent the person from continuing their work from the past.
Social Security disability insurance
The program provides benefits to disabled workers and their dependents.
For people who are not able to work anymore due to a disability, the program is there to relieve the lost income.
Find out what your benefits are for 2023
On October 13, the Bureau of Labor Statistics is set to release September’s inflation figures, and shortly thereafter, the Social Security Administration usually does the same.
Then, in December, recipients should receive letters outlining their precise benefit rate.
You can still check your raise online using the My Social Security website if you don’t receive this letter.
Social Security benefits are distributed according to a schedule based on the beneficiary’s birthdate, and payments are made on Wednesdays.
The December benefits, which are reflected in checks received in January 2023, are subject to the COLA.
Social Security programs
There are three programs run by the Social Security Administration that are impacted by the COLA each year.
In 2022, the average SSI benefit is $621 per month, while the maximum is $841, according to the SSA.
Meanwhile, it’s a little more complex for SSDI.
The benefit amount will depend on the age you became disabled, your employment history (including the average amount of income you once earned), and your period of eligibility.
US Teacher salaries decrease
In 2021, the average teacher salary was $67,507 according to a survey by National Education Association.
The study was conducted to understand why there was a shortage.
The short answer – money.
Teachers are getting paid a shocking $2,179 less per year than they did a decade ago.
Colorado employees see wages increase
Employees in Colorado should expect to see an increase in wages – nine percent.
Denver’s minimum wage will now reach $17.29 starting January 1, 2023, while the state of Colorado will also increase to $13.68 as inflation continues to climb.
According to the Colorado Sun, Denver’s wage increase will be one of the largest increases in the nation.