If you are like most families, the rising cost of living has been a challenge. The grocery bill is higher. A tank of gas costs more (But AAA says gas prices are down about 46 cents a gallon in the last month.). And, if you are living on Social Security income, you may know that you got a raise at the start of 2022 of about 5.9%. That’s noticeably larger than the usual 2% to 4% increase in recent years.
And, with rising costs in 2022, experts predict that the 2023 increase could be even larger.
Because of the record-breaking inflation we've seen so far in 2022, there's a good chance the upcoming COLA will be historic, too. The Senior Citizens League, a non-partisan senior group, is estimating the 2023 COLA will be near 9.6%. For the average retiree receiving $1,656 a month today, that’s a raise of $158.98 a month.
The official announcement will come from the Social Security Administration in October.
Today, the maximum Social Security income benefit, for a high-wage worker retiring at age 70 is $4,194 per month. The new COLA will increase that. Will that be enough to meet your needs in retirement?
If you would like help figuring out how to maximize your Social Security benefits, maybe we should talk. I help all my clients get the most from Social Security. I would LOVE to talk with you about your situation. Follow this LINK to find a time that works for you.
As a financial planner who is ALWAYS an advocate for my client – a fiduciary advisor – I LOVE talking with new families and helping them move toward their financial goals. I would be honored to help you and your family.
I have more than 20 years of experience along with extensive training through the
CERTIFIED FINANCIAL PLANNER™ professional certification program.
Yes, I am a CFP® professional. I’m always a fiduciary and I work on a fee basis. And yes, I’m still taking on a few great families to be part of my financial planning practice.
If this article has you thinking about your own circumstances, contact my office at firstname.lastname@example.org. I am always happy to meet with people who are working on their retirement plans. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.