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Social security increase news: The latest about a possible raise

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The conversation about increasing social security has been a hot topic lately.

Many news outlets have reported on the increase and the impact it would have on beneficiaries.

Here’s a rundown of this week’s latest news and headlines about a potential Social Security hike:

MarketWatch: A Big Social Security Boost Is Coming – But Will It Be Enough?

“Social Security beneficiaries will get a massive cost of living (COLA) adjustment next year. But if it’s anything like the big surge they got this year, they could fall even further behind.

Why? Because just after the 5.9% increase was announced in October last year, inflation started to rise faster, reaching a rate of 6.8% in November and 7.0% in December. increased even faster.”

USA Today: Here’s Why Social Security COLA Adjustments Are Announced in October

However, seniors will have to wait until October to learn what their COLA for 2023 will look like. Why?

“That COLA is based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures changes in a number of important goods and services on an annual basis. Since COLAs are meant to help seniors keep up with inflation, it makes sense that they would be linked directly to an index that measures just that.

Wisconsin State Journal: Ron Johnson Calls for Converting Social Security, Medicare to Discretionary Spending Programs

US Senator Ron Johnson said on Tuesday that programs like Social Security and Medicare are suffering from inappropriate oversight and called for every government program to be turned into discretionary spending programs, meaning Congress would have to allocate funding for the programs every year.”

GoBankingRates: Social Security Schedule: When the Distributions Will Be Sent in August 2022

Here’s the August Social Security schedule:

  • If your date of birth falls on the 1st-10th of the month, your payment will be paid on Wednesday, August 10.
  • If your date of birth is on the 11th-20th, your payment will be distributed on Wednesday, August 17th.
  • If your date of birth is on the 21st-31st, your payment will be made on Wednesday 24th August.″

Related Social Security Stories:

Will an IRA Withdrawal Affect Social Security Benefits?

If I apply for Social Security first, can I still get a partner allowance?

Do I need to take Social Security early to grow my investments?

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Katherine Rodriguez can be reached at: [email protected]. Do you have a tip? Tell us on nj.com/tips.