Advertiser disclosure You’re our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. The articles, interactive tools as well as other content are available to you for free, as tools for self-help and solely informational use. They do not intend to provide any investment advice. NerdWallet is not able to warrant the accuracy or validity of any information in regard to your specific circumstances. The examples are hypothetical and we suggest that you seek guidance from qualified experts on specific investment issues. These estimates are built on past market performance. Past performance isn’t a guarantee of future performance. We believe that every person should be able to make financial decisions confidently. And while our site doesn’t feature every company or financial product on the market, we’re proud that the advice we provide and the information we offer as well as the tools we design are independent, objective, straightforward — and cost-free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our site) However, it in no way affects our recommendations or advice, which are grounded in thousands of hours of study. Our partners do not be paid to ensure positive ratings of their goods or services. . Social Security Benefits Will Jump an historic 8.7% in 2023 By Cara Smith Lead Writer | Investments, auto loans and cryptocurrency Cara Smith is a lead writer at NerdWallet, where she writes about investing, cryptocurrency and auto loans. She has covered residential and commercial real estate and general business for Houston Business Journal, CoStar News and various other publications. She was a student of psychology and journalism in The University of Houston, where she was the editor-in chief of the university’s student newspaper. She is based in Chicago where she hunts all day long to find authentic Tex-Mex throughout the Midwest. Oct 13 2022, 2022 Edited by Laura McMullen Assistant Assigning editor Personal finance, financial news Laura McMullen is the editor who assigns her editors to edit financial news content. Her previous position was as a top journalist at NerdWallet and wrote about budgeting, saving and making money. She also contributed to the «Millennial Money» column for The Associated Press. Before becoming a part of NerdWallet at the end of 2015 Laura had worked at U.S. News & World Report in which she created and edited content related to careers, wellness and education and also worked on the company’s rankings projects. Before working at U.S. News, Laura was an intern with Vice Media and studied journalism as well as the history of Arabic in the Ohio University. Ohio University. Laura currently lives in Washington, D.C. Email:
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. Many or all of the products featured here are from our partners who pay us. This influences which products we feature as well as the place and way the product is featured on a page. But this doesn’t influence our evaluations. Our opinions are entirely our own. Here is a list of and . The information on investing provided on this site is for educational purposes only. NerdWallet does not provide advisory or brokerage services or advice or advise investors to buy or sell particular stocks or securities, as well as other investments. Similar to this, with the rising cost of the rise in fuel prices and inflation, it’s no secret that your dollars aren’t going as far as it used to. Today the Social Security Administration released a figure illustrating how far consumers are losing their purchasing power and how it’s happening in a record manner. The SSA announced that its annual cost-of-living adjustment COLA is 8.7%. This is the highest cost-of-living rise in more than 40 years. For the majority of Social Security beneficiaries, this adjustment is equivalent to an average of more than $140 per month , beginning in January, according to an SSA press announcement. » is going down, and benefits are expected to increase in 2023. This will allow seniors to have security and more breathing space,» Kilolo Kijakazi, acting director for the Social Security Administration, said in the press release. What is COLAs as well as CPIs? They are used by the Social Security Administration uses annual COLAs to increase, if necessary, the monthly payments of beneficiaries to align with the real-world costs of products and services. In addition to this, the administration has been using COLAs since the 1970s in order to make sure that Social Security and Supplemental Security Income payments keep up with . To fully comprehend COLAs it is important to be aware of another acronym called CPI. The general Consumer Price Index is calculated each month by the U.S. Bureau of Labor Statistics. It measures the changes in the prices that consumers are paying for goods and services like fuel, food and medical services. This Social Security Administration bases each cost-of-living adjustment upon a particular index under the CPI umbrella: that is, the Consumer Price Index for Urban Wage Earners and Clerical Workers. In simple terms, the index shows how prices may have increased, and the COLA assists consumers in compensating for the higher costs. The BLS has released its latest CPI report today, before the announcement by the SSA. The CPI report indicates an 8.2% increase in the cost of consumer goods over the 12 months that ended in September 2022. Past COLA figures compared with today’s The last COLA that was that was announced in December 2021 was 5.9%. The COLA that was announced today is 8.7 percent. Since the SSA began issuing COLAs in 1975, the largest adjustments were in the year 1980 (14.3 percent) and in 1981 (11.2 percent). Since then, adjustments remain in single digits. Another of the most high COLAs occurred in 2008 at the time of the Great Recession. The COLA was 5.8%. How can you cope with the increasing cost of living, whether you’re an Social Security beneficiary or not the most recent COLA increase demonstrates how inflation impacts your the power of spending. Although there isn’t a quick solution to the problem of inflation, there are actions you can take to keep as much money as you can in your pocket. As an example, you should prioritize high-interest rates, such as payday loans. And make sure you’re aware of your spending, says Travis Tracy, a certified financial planner and founder of Fortitude Financial Planning in Durham, North Carolina. «It all comes back on cash flows,» Tracy says. «That’s my focus with my clients: taking a seat and observing the direction of everything.» Review your bank statements to find the past expenses, or download a budgeting application that automatically . If fuel is a significant expense, think about using the gas app to find the cheapest fuel in your area. Tracy also suggests combining your weekly chores over two or more days to reduce fuel spending. If you’re trying to decide what bills to pay for, make sure you’re paying as little as possible for the services that you require. Call the number and call the businesses that are responsible for the charges you pay and politely request for your bills to be reduced or deferred. You can also contact the 211 number or go to the website for help with regards to housing, food healthcare, and other necessities. Find out more news about money. NerdWallet reporters bring you the most recent financial news and explain what it means to you. Author bio Cara Smith joined NerdWallet in 2021 following her reporting on real estate and business news in Houston in addition to Chicago for eight years. On a similar note… Choose an even better broker. Check out NerdWallet’s picks for the best brokers. Dive even deeper in Social Security Get more smart money moves direct to your inbox. Join us and we’ll send you Nerdy content on the money topics that are important to you and other strategies to help you make the most out of your money.
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