Social Security COLA 2023 release, live online: estimate, adjustment and inflation relief checks

The Social Security Administration announced a historic 8.7 percent COLA increase for benefits in 2023. In 2022 the average monthly payment for retired workers was $1,673.88, which is expected to rise to $1,819. This means that the average retirement benefits recipients can expect an increase of around $146 per month. President Biden tweeted: ‘Americans are squeezed by the cost of living: that’s been true for years, and they didn’t need today’s report to tell them that. Working to give middle class families some breathing room in dealing with their costs is critical’ The Senior Citizens League reported that since the early 2000s, those on Social Security have lost forty percent of their purchasing power. . . .