Over 70 Million Social Security Recipients in Line for 8.7% Increase
Great news for Social Security recipients, payments will increase an average of $140 per month starting in January for just over 2 million Michigan residents receiving the benefits.
Overall, more than 70 million Social Security recipients are in line for an 8.7% increase within the next couple of months.
According to mlive.com:
The COLA increase goes into effect with the December 2022 benefits payable in checks sent out in January 2023. Social Security payments are made on a rolling basis determined by birthdays: birth dates on 1-10th of the month receives payments on the second Wednesday; 11-20th on the third Wednesday; and 21st-31st on the fourth Wednesday.
With all the crazy prices that have been going up most recently including gas, electric, and groceries, it's good to know that S.S. recipients will receive an additional 8.7% increase.
It's extra money for all of the above if you ask me. With inflation rates rising these days, any form of extra funds will help out not only millions of Michiganders, but millions of people across the United States.
Here in Michigan, more than a third of households receive the benefits, according to the latest U..S. Census Statistics.
Mlive.com also adds:
According to the Social Security Administration, in December 2022, Social Security COLA notices will be available online to most beneficiaries in the message center of their my Social Security account.
Personally speaking, I've been very grateful to receive my Social Security benefits most recently and I'm so looking forward to the 8.7% increase.
The extra payout for millions of Social Security recipients in the United State and here in Michigan, will in no doubt come in very hand especially as we head into the brand new year.