Social Security Benefits Will Increase Soon for Households in Florida
Inflation, as you are aware, is having a significant impact on Florida. Residents in Florida are paying more for everything, up to nearly $10,000 more per year in 2021.
Social Security benefits are increasing by $1,680 on average, which amounts to $140 more per month for eligible recipients.
In addition to increases in 2023, some recipients will see an increase in the first round of Social Security Administration checks, which will be worth up to $4,194, which will be sent in the coming weeks, according to the Social Security Administration.
How Do Social Security Cost-of-living Adjustments Work?
For millions of people, the new cost-of-living adjustment (COLA) is a game changer. The COLA is intended to protect the purchasing power of Social Security and Supplemental Security Income (SSI) benefits from inflation.
With inflation at an all-time high this year, it stands to reason that benefits for qualifying individuals have increased by 8.7%.
How Much Social Security Will You Receive?
If you have this question, the best thing you can do is visit the Social Security Administration’s website and use the Benefits Calculator. Here’s the official website.
When you get to the Social Security Administration’s website, it will walk you through the process step by step. If you require assistance, you can find it on the official SSA website at the link provided above.