Social Security checks are set to rise to $1,837 in 2023 – how you could qualify for even higher benefits

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Social Security recipients expect to see a big increase in benefits next year.

As inflation continues to rise, cost of living adjustment (COLA) usually rises with it.

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COLA growth could be as high as 10.8%

CBS reports a responsible federal budget committee is forecasting next year cola bump be anywhere between 7.3% and 10.8%.

average monthly since social Security The check is roughly $1,658, a 10.8% increase would increase the check to $1,837.

If the increase is 8%, the average check would be about $1,790.

The new benefits must be paid from January 2023, after the increase takes effect in December of this year.

Three payments up to $4,194 expire within a few days
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Until then, these are three ways retirees can raise their checks.

1. Work more than 35 years

Benefits are based on the highest 35 years of earnings.

Typically, at the beginning of your earning years, you may not have a large salary.

However, once you’ve found that high-paying job, working longer than age 65 can be beneficial because your checks will be huge.

For each additional year you work, you can replace the previous year with a lower salary.

2. Claim at the right time

Many retirees make the mistake of taking their Social Security benefits early.

Early withdrawal will reduce your amount significantly – as much as 30%.

But, if you can wait till then full retirement age (FRA), your benefit amount will actually increase.

Additionally, if you take delayed retirement and wait until age 70, you can claim your maximum benefit allowed.

Using Social Security Break-Even is a Helpful Tool to Determine the Right Age for Retirement The calculator,

It gives you secure access to information based on your earnings history and interactive tools specially designed for you.

According to the Social Security website, you can view retirement benefit estimates by:

  • Select a future age or use the “Age” scroll bar to start receiving retirement benefits in years and months
  • Choosing a future date to start receiving retirement benefits
  • Entering the Average Annual Income You Expect to Earn Until Retirement

Just note that these calculations are speculative and do not take into account life expectancy, COLA, inflation, and other taxes that may apply to your benefits.

3. Claim Spouse’s Benefit

If you or your spouse has reached full retirement age, you can claim them and save yours.

Once you reach FRA, you can start your collection on a larger amount.

Just note, in order to claim a spousal benefit, your spouse must have filed for their own Social Security benefits.

Also, ex-spouses are exempted from this rule.

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In addition, there will be two surprises low social security Profits by $100s.



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