Social security increase news: The latest about a possible raise

The talk of a Social Security increase has been a hot topic recently.

Many news outlets have been covering the increase and the impact it would have on beneficiaries.

Here is a roundup of the latest news and headlines this week about a potential Social Security increase:

MarketWatch: A big fat raise to Social Security is coming — but will it be enough?

“Social Security recipients are going to get what’s shaping up to be a huge cost-of-living adjustment (COLA) next year. But if it’s anything like the big increase they got this year, they could wind up even further behind.

“Why? Because right after the 5.9% hike was announced last October, inflation began to rise faster than that, advancing at a 6.8% pace in November and a 7.0% rate in December. This year, prices have accelerated even faster.”

USA Today: Here’s why Social Security COLA adjustments are announced in October

However, seniors will need to wait until October to learn what their 2023 COLA will look like. Why so?

“That COLA is based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures changes in a number of key goods and services on a year-over-year basis. Since COLAs are meant to help seniors keep up with inflation, it makes sense that they’d be pegged directly to an index that measures just that.

Wisconsin State Journal: Ron Johnson calls for turning Social Security, Medicare into discretionary spending programs

Saying programs like Social Security and Medicare suffer from improper oversight, US Sen. Ron Johnson on Tuesday called for turning every government program into discretionary spending programs, meaning Congress would have to allocate funding for the programs each year.”

GoBankingRates: Social Security schedule: When August 2022 benefits will be sent

“Here is the August Social Security schedule:

  • If your birth date is on the 1st-10th of the month, your payment is distributed on Wed, Aug. 10.
  • If your birth date is on the 11th-20th, your payment is distributed on Wed, Aug. 17.
  • If your birth date is on the 21st-31st, your payment is distributed on Wed, Aug. 24.″

Related stories about Social Security:

Will an IRA withdrawal affect Social Security benefits?

If I file for Social Security first, can I still get spousal benefits?

Should I take Social Security early to let my investments grow?

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Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Have a tip? Tell us at nj.com/tips.

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