Advertiser disclosure You're our first priority. Each time. NerdWallet, Inc. is an independent publisher and compare service that is not an investment advisory. Its interactive tools, articles and other content are provided to you at no cost, to assist you in self-help, and for informative purposes solely. They do not intend to provide financial advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information with respect to your individual circumstances. Examples are hypothetical, and we suggest that you seek advice from a qualified professional regarding specific investment issues. Our estimates are based on past market performance. Past results are not a reliable indicator of future performance. We believe that everyone should be able make financial decisions without a doubt. And while our site does not include every company or financial product that is available on the market, we're proud that the guidance we offer, the information we provide and the tools we create are objective, independent easy to use and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our site) however it does not affect our recommendations or advice that are based on hundreds of hours of research. Our partners do not promise us favorable reviews of their products or services. . Social Security Benefits Will Jump a Historic 8.7 percent by 2023 Cara Smith Lead Writer | Auto loans, crypto Cara Smith is a lead writer for NerdWallet which is where she is a writer on investing, crypto and auto loans. She has reported on commercial real estate, housing and general business for Houston Business Journal, CoStar News as well as other publications. She studied journalism and psychology at the University of Houston, where she served as the editor-in-chief of its student newspaper. She is based in Chicago where she hunts every day to find authentic Tex-Mex in the Midwest. Oct 13 2022, 2022 Edited by Laura McMullen Assistant Assigning Editor Financial, personal finance news Laura McMullen is the editor who assigns as well as edits the financial news stories. She was previously a senior journalist at NerdWallet and covered saving, making and budgeting money; she was also a contributor to "Millennial Financial" column of The Associated Press. Prior to becoming a part of NerdWallet at the end of 2015 Laura was employed by U.S. News & World Report which was where she edited and wrote articles on health, careers and education as well as contributed to the company's rankings projects. Prior to joining U.S. News, Laura worked as an intern for Vice Media and studied journalism as well as history and Arabic in the Ohio University. Ohio University. Laura currently lives in Washington, D.C. Email:
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. The majority of items featured here come from our partners, who pay us. This impacts the types of products we review as well as the place and way the product is featured on a page. But, it doesn't affect our opinions. Our views are our own. Here is a list of and . The information about investing on this page is intended for informational purposes only. NerdWallet is not a broker or advisor. or brokerage services, nor does it recommend or advise investors to buy or sell specific stocks, securities or other investments. More like this Between the rise of the rise in fuel prices and inflation, it's no secret that your dollar isn't going as far as it used to. Today the Social Security Administration released a report that demonstrates how much consumers have lost their purchasing power -- and how it's been done in a record-setting manner. The SSA announced that its cost-of-living adjustment COLA is 8.7%. That's the largest cost-of-living increase in more than 40 years. For the majority of Social Security beneficiaries, this adjustment will result in an average of more than $140 per month , beginning in January in accordance with an SSA press release. " are going down and benefits will increase in 2023. This should allow seniors to have peace of mind and more breathing space," Kilolo Kijakazi, acting commissioner for the Social Security Administration, said in the press release. What are COLAs and CPIs? The Social Security Administration uses annual COLAs to increase when necessary, its beneficiaries' monthly payments to match the actual cost of products and services. Furthermore to this, the administration has been using COLAs from the 70s in order to make sure that Social Security and Supplemental Security Income payments keep up with . To fully comprehend COLAs it is helpful to know about another acronym: CPI. The general Consumer Price Index is calculated each month through the U.S. Bureau of Labor Statistics. It is a measure of the average change in prices that consumers are paying for goods and services like fuel, food and medical care. It is the Social Security Administration bases each cost-of-living adjustment on one specific index under the CPI umbrella: that is, the Consumer Price Index for Urban Wage Earners and Clerical Workers. Put simply it reveals the extent to which prices have increased, and the COLA aids consumers to compensate for those higher prices. The BLS published the most recent CPI report this morning, before the announcement by the SSA. The CPI report indicates an 8.2% increase in the cost of consumer goods over the 12 months that ended in September 2022. Previous COLA figures are compared to the current ones. The previous COLA that was announced in December 2021, was 5.9%. The COLA that was announced today is 8.7%. Since the SSA began issuing COLAs back in 1975, the most significant adjustments occurred in the year 1980 (14.3%) followed by 1981 (11.2 percent). Since then, adjustments have remained in the single digits. One of the other highest COLAs was in 2008, in the Great Recession. The COLA was 5.8 percent. How can you cope with the increasing costs of living Whether you're an Social Security beneficiary or not the most recent COLA increase demonstrates the way that inflation affects your the power of spending. Although there isn't a quick fix to inflation but there are some steps you can take to keep as much money as you can in your pocket. For example, prioritize with high-interest rates, such as payday loans. And make sure you're conscious of your spending habits, says Travis Tracy, a certified financial planner and founder Of Fortitude Financial Planning in Durham, North Carolina. "It all boils down the cash flow" Tracy says. "That's what I work on with my clients: sitting down and seeing where everything's going." Examine your bank statements to find previous expenses and download a budget app that automatically . If fuel is a major cost, you might want to use an app for gas to locate the most affordable fuel available within your region. Tracy also suggests combining your weekly chores over one or two days to help reduce the cost of fuel. If you're having to decide which bills to pay ensure that you're paying the least feasible for the services you require. Call the number and call the companies behind the bills you pay and ask politely that your bills be reduced or deferred. You can also contact 211 or stop by for assistance related to housing, food, health care and other essential services. See more money news NerdWallet reporters provide you with the latest financial news, and then explain what it means to you. About the author: Cara Smith joined NerdWallet in 2021, after covering real estate and business in Houston as well as Chicago during eight years. In a similar vein... Choose a better broker View NerdWallet's picks for the best brokers. Dive even deeper in Social Security Get more smart money moves - direct to your inbox. Sign up and we'll send you Nerdy posts on the financial topics that matter most to you as well as other methods to help you get more out of your money.

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