THE Social Security Administration announced in October that the COLA will be 8.7 percent for next year — adding $144 to the average payment.
The 2023 COLA increase of 8.7 percent will boost the average Social Security payment amount to $1,827 each month.
Beginning in December, the SSA will start mailing COLA notices to beneficiaries providing details on next year’s payment amounts.
For anyone receiving Social Security benefits, the new payment amount will start in January 2023, according to the SSA.
For those receiving SSI, the new payment amounts will begin on December 30, 2022.
Beneficiaries who receive both types will see their payments follow the same schedule, with the SSI increase arriving shortly before the Social Security increase.
Read our COLA blog for news and updates…
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Car prices leveling out
Car prices are astonishingly high, but according to CNN, seem to be leveling out.
“There aren’t many new cars available,” Pat Ryan, CEO of the personal finance app Co-Pilot told CNN.
“Used cars were peaking maybe six, eight weeks ago. They started to come down but the problem is the rate [hikes] have increased payments, faster than the decline in prices brought relief.”
The average interest rate for a 5-year car loan was 3.85 percent at the beginning of the year but is now around 5 percent.
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The FICA tax explained
FICA taxes fund Social Security payments and Medicare.
Social Security taxes go into a pot for the Old-Age and Survivors Insurance…
