Social Security benefits in 2023: How much will recipients receive?

The cost-of-living adjustment could put more money into the pockets of retirees 

And other Americans who receive Social Security benefits. A cost-of-living adjustment, or 

COLA, for 2024 won't be released until Fall 2022, but the nonpartisan Senior Citizens 

League believes it could be as much as 10.5%. Social Security recipients receive an average 

Of $1,542.22 per month; if the COLA is 10.5%, recipients would receive an additional $175.10 each month.

In the last two years, the COLA has increased by 5.9%. This is the first double-digit 

COLA increase since 1982, when it was 11.2%. There is a potential for a significant increase at a time 

When inflation rates are soaring across all consumer markets, but also when Social Security benefits are under threat.

Social Security and Medicare trustees released a report predicting that Americans will stop receiving full Social Security benefits in 2035 if lawmakers do not act.

A bill was introduced that would raise monthly payments by $200

The Social Security Expansion Act, introduced in June by Rep. Peter DeFazio (D-Oregon) 

And Sen. Bernie Sanders (I-Vermont), would give beneficiaries an additional 12% each month, totaling $2,400.

Social Security recipients who are at least 62 years old in 2023 will qualify for the bonus.

As a result of our legislation to expand Social Security benefits by $2,400 a year, 

The Social Security Administration estimates that Social Security will be fully funded for 

The next 75 years by applying the payroll tax to all income above $250,000 per year, including capital gains.

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