Starting in January, recipients of Social Security payments are set to receive their largest cost-of-living adjustment (COLA) in over 40 years.
According to a recent Social Security Administration press release, approximately 70 million Americans will see an increase of 8.7% in their benefits for 2023.
The last double-digit bump for SS payments was a 11.2% bump in 1981.
Those currently drawing Social Security payments may visit their online ssa.gov account to see their estimated increase.
When to Draw Social Security?
As advisors, we are frequently consulted by our clients in regards to social security withdrawal strategy.
Social Security benefits are increased for each month you delay receiving your benefits – up to a certain point.
Need for income, life expectancy, continuation of employment, and taxes are all considerations we discuss with our clients in planning for Social Security withdrawals.
If you are interested in discussing how Social Security benefits fit into your retirement planning puzzle, reach out to schedule a consultation.
Sources
https://www.ssa.gov/news/press/releases/2022/#10-2022-2
