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NEW Social Security Update! | $143 Per Month Boost For Seniors | 2023 COLA (SSI, SSDI) - YouTube
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in april the consumer price index for all urban聽
consumers or cpiu rose 0.3 percent while the聽聽
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all items index increased 8.3 percent over the聽
last 12 months so what exactly does this mean聽聽
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for social security recipients what's going on聽
guys josh baldwin here from mad money millennial聽聽
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bringing you the latest news the most聽
straightforward information out there聽聽
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for those of you on social security ssi ssdi and聽
snap or ebt benefits you can do me a giant favor聽聽
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by tapping those like and subscribe buttons i hope聽
everyone is having a good memorial day weekend聽聽
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and let's get into the social security benefits聽
update where we are going to discuss some recent聽聽
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reports on the cost of living adjustment for 2023聽
and what kind of payment schedule we can expect聽聽
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for social security beneficiaries as we move into聽
the month of june rising inflation has pushed the聽聽
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social security cost of living increase to聽
5.9 percent the largest in nearly 40 years聽聽
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for june's payments the social security schedule聽
is as follows if your birth date is on the 1st聽聽
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through the 10th of the month your payment聽
is distributed on wednesday june 8th if your聽聽
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birth date is on the 11th through the 20th your聽
payment is distributed on wednesday june 15th聽聽
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if your birth date is on the 21st through the 31st聽
your payment is distributed on wednesday june 22nd聽聽
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social security benefits have increased by聽
64 percent since 2000 according to the senior聽聽
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citizens league mary johnson social security聽
policy analyst for the senior citizens league聽聽
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found that expenses for typical seniors聽
rose 130 percent during that same period聽聽
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to maintain the same buying power from 2000聽
social security benefits would need to be 540聽聽
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higher per month you may also聽
qualify for supplemental security聽聽
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income if social security isn't enough to聽
cover your basic living expenses to qualify聽聽
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you must be age 65 or older disabled or blind聽
and have limited income and financial resources聽聽
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if you received social security before may 1997 or聽
if you're receiving both social security and ssi聽聽
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you will receive your ssi payment on june 1st聽
and your social security payment on june 3rd聽聽
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next year social security beneficiaries聽
could see an even bigger increase聽聽
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johnson predicted that the annual cost of living聽
adjustment for 2023 could be around 8.6 percent聽聽
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there's another considerable increase in the聽
cost of living allowance or cola for 2023. after聽聽
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a 5.9 percent jump granted in 2022 a new report聽
from the senior citizens league indicates 2023聽聽
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coalesce increase will take the record for the聽
highest increase since 1981. the soaring inflation聽聽
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and the data gathered by the senior citizens聽
league suggests that the social security聽聽
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beneficiaries will see an 8.6 increase in 2023 now聽
according to the social security administration聽聽
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more than 60 million seniors will see聽
a rise in their retirement benefits聽聽
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in 2022 millions of social security beneficiaries聽
saw a 92 dollar increase in their social security聽聽
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benefits and supplemental security income聽
payments however for 2023 social security聽聽
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benefits and supplemental security income payments聽
will increase to 143 dollars a month in total聽聽
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seniors and retired workers will have a monthly聽
check closer to eighteen hundred dollars a month聽聽
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the group's projections are based on the latest聽
data on inflation including the consumer price聽聽
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index which rose eight point three percent last聽
month compared with the same time last year聽聽
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according to a bureau of labor statistics report聽
released wednesday so what exactly is the cola and聽聽
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who benefits from it the cost of living allowance聽
is a math operation calculated by the department聽聽
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of labor's consumer price index when the聽
department of labor's consumer price index or cpiw聽聽
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measures an increase in the cost of living the聽
ssi also sees a rise to combat the extra dollars聽聽
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in total around 70 million americans聽
are benefiting from the payment increase聽聽
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in which we have approximately 64 million聽
social security beneficiaries and 8 million聽聽
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ssi beneficiaries the official increase for聽
retirement survivors disability beneficiaries聽聽
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ssi recipients and representative payees聽
will be officially notified once the federal聽聽
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government announces the final numbers in october聽
alright guys i hope you found this video helpful聽聽
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if you did please leave a like comment down聽
below any information you might have about聽聽
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your own social security benefits and maybe聽
you can help someone else out and of course聽聽
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hit that subscribe button and notification bell聽
right next to it hitting that bell will make聽聽
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sure you get notified exactly when my videos聽
are coming out and not a week or two later聽聽
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and lastly if you'd like to support my channel聽
you can now own your very own original mad money聽聽
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millennial t-shirt colors come in black gray red聽
and white and the link to my store can be found聽聽
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right under this video alright guys stay safe聽
stay hustling and i'll talk to you guys again soon
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