Direct payments of up to $4,555 will hit the bank accounts of millions of Americans in 2023.

Every year, Social Security benefits are calculated based on a cost-of-living adjustment (COLA).

Toward the end of the year, the consumer price index (CPI) determines the following year's COLA amount.

During April, the index surged by 8.3 percent as a result of the war between Russia and Ukraine and inflation.

According to the Senior Citizens League (TSCL), the inflation rate will rise to 8.6 percent in 2023.

A $143 increase in the average monthly benefit would raise it to $1,800, whereas a $361 increase would bring it to $4,555.

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

Rebate for Georgia, continuationTo qualify for the refund, you must have filed taxes in Georgia in 2020 and 2021.

For single filers, the maximum refund is $250, and for head of household filers, it is $375.

Upon filing jointly with your spouse, you may be able to receive a refund of up to $500 from the DOR.

Georgia residents will receive tax rebatesIn March, legislators approved devoting a portion of the statewide 

refund from the $3.7 billion surplus in the 2021 budget year.Georgia Governor Brian 

Kemp announced on May 11 that the Georgia Department of Revenue (DOR) would begin issuing refunds.

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