A direct payment of $4,555 could land in the bank accounts of millions of Americans in 2023.

Cost-of-living adjustments (COLAs) are applied to Social Security benefits each year.

Towards the end of the year, the consumer price index (CPI) determines the COLA for the following year.

The index surged by 8.3 percent in April as a result of the Russia-Ukraine war and inflation.

A new projection released by the Senior Citizens League (TSCL) estimates an 8.6 percent COLA for next year, an increase from its previous estimate.

The maximum benefit would rise by roughly $361 to $4,555, whereas the average benefit would climb by roughly $143 to $1,800.

Social Security is paying an average monthly benefit of $1,657, while the maximum monthly benefit is $4,194.

There may be a longer-lasting benefit than expected

Social Security's Trust Fund ran out of money by 2033, maybe even earlier, according to a statement from the administration in 2021.

Since Social Security is largely funded by payroll taxes on current employees, there is little risk that it will run out of money.

The Social Security Administration estimates that if the Trust Fund runs out of money, benefits will have to be reduced to only 78 percent of their current amount.

However, the Social Security Administration (SSA) recently announced that payouts fully funded by 

However, the Social Security Administration (SSA) recently announced that payouts fully funded by 

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