there will be an Social Security benefits are up about 8.7% in the United States For the next year 2023, according to a study by The Senior Citizens League.
But what is the reason for this increase?Will Social Security benefits increase across the country? In which states will it be higher and who will get it?
As we already know, the Social Security Administration (SSA) sends monthly payments to retired employees and people with disabilities who qualify for Supplemental Security Income (SSI), but these payments are affected by several factors each year.
For example, the continued rise in inflation over the past year has regulated the cost of living (COLA) CPI-W so as not to hurt the purchasing power of Social Security beneficiaries.
So, The said increase for the year 2023 will be reflected in the distribution made monthly to the SSA. distribution to their beneficiaries.
A recent survey by The Senior Citizens League found that each eligible person would earn an additional $144 each month, an average of $1,801 instead of $1,657.
That represents an increase of 8.7%, but it won’t be until October that the SSA will officially announce it, so the new COLA adjustment will take effect in December of this year and beneficiaries will be able to receive it from January 2023.
Now not all monthly SSA payments for the next year will be increased at the same rate as it will be higher in some states than others and why is that?
Which States Will Have the Highest Increase in Social Security Benefits?
Average calculation of monthly payments to SSA beneficiaries It depends on a number of factors that are collected annually in a statistical survey.
From there, it estimates the amount received by eligible individuals, in this case retired employees, as well as their spouses and children.
By 2023, the increase in payee payments will be reflected, thanks to a rise in COLA due to inflation that occurred in 2022 and according to Sean Williams of The Motley Fool, this increase will be higher in some states than in others.
these are 5 States with the Biggest Increase in Social Security Benefits by 2023,
- Connecticut: The average monthly retirement benefit will increase from $146.87 to $835.06.
- New Jersey: The average monthly retirement benefit will increase from $146.67 to $1,832.60.
- Delaware: The average monthly retirement benefit increases from $144.39 to $1,804.09.
- New Hampshire: Average monthly retirement benefit increases from $143.67 to $1,794.99.
- Maryland: The average monthly retirement benefit will increase from $141.92 to $1,773.25.