Retirees nationwide can expect to receive their first installment of July's Social Security payments, with a maximum amount of $4,555, in approximately 10 days, based on the schedule issued by the Social Security Administration.
A Social Security update has been implemented on its different benefits for the year 2023, including an 8.7% cost-of-living adjustment boost, which has been considered to be the biggest one in decades.
Some recipients of Social Security payments would have to pay federal tax income on the benefits. It usually happens when the filer has other substantial income on top of their benefits.
The latest cost-of-living adjustment or COLA for Social Security benefits and SSI payments is 8.7% in 2023. It will be the biggest benefit increase since 1981.
Social Security payments beneficiaries will experience a double-digit figure for the 2023 COLA increase for the first time in more than four decades as rising inflation rates continue in the United States.
In events of life changes, social security updates such as changing your name on it will be needed. In events of life changes, social security updates such as changing your name on it will be needed.
