Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service and is not an investment adviser. Its articles, interactive tools as well as other content are available for free as self-help tools and for solely informational use. They do not intend to provide any investment advice. NerdWallet is not able to guarantee the accuracy or applicability of any information in regard to your particular situation. The examples are hypothetical and we suggest that you seek personalized advice from a qualified professional regarding specific issues with investments. These estimates are built on the past market performance, and past performance is not a guarantee of future performance. We believe that everyone should be able to make financial decisions with confidence. While our website does not include every company or financial product that is available in the marketplace, we're proud that the guidance we offer as well as the advice we provide and the tools we develop 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 write about (and the way they appear on our site), but it in no way affects our suggestions or recommendations that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive review of their services or products. . Social Security Benefits Will Jump an historic 8.7 percent by 2023 Cara Smith Lead Writer | Auto loans, crypto Cara Smith is a lead writer at NerdWallet which is where she write about cryptocurrency, investing and auto loans. She has reported on residential and commercial real estate and general business issues for Houston Business Journal, CoStar News as well as other publications. She was a student of psychology and journalism at The University of Houston, where she was the editor-in chief of its student newspaper. She lives in Chicago, where she searches night and day to find authentic Tex-Mex in the Midwest. Oct 13, 2022 Edited by Laura McMullen, Assistant Assigning Editor Financial, personal finance news Laura McMullen assigns and edits financial news content. She was previously a senior writer at NerdWallet and covered saving, making and budgeting money; she was also a contributor to "Millennial Financial" column in The Associated Press. Prior to becoming a part of NerdWallet at the end of 2015 Laura worked for U.S. News & World Report in which she wrote and edited information on health, careers and education and also contributed to the company's rankings projects. Prior to joining U.S. News, Laura worked as an intern for Vice Media and studied journalism, history and Arabic at Ohio University. Laura currently lives in Washington, D.C. Email:
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. A majority or all of the products featured here are from our partners, who pay us. This impacts the types of products we review and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here is a listing of . The information on investing provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services neither does it suggest or counsel investors to purchase or sell specific stocks, securities or other investments. More like this Between the rise of the rising cost of fuel and inflation there's no doubt that the value of your money isn't getting as far as it used to. Today, the Social Security Administration released a chart that shows how much people are losing their purchasing power -- and how it's happening in record fashion. The SSA announced that its cost-of-living adjustment, or COLA, is 8.7 percent. It's the biggest increase in cost of living over the past 40 years. For the majority of Social Security beneficiaries, this adjustment is equivalent to an average of more than $140 per month , beginning in January, according to an SSA press release. " is going down, and benefits are expected to increase in 2023, which will allow seniors to have peace of mind and breathing room," Kilolo Kijakazi, acting commissioner of the Social Security Administration, said in the press release. What is COLAs and CPIs? The Social Security Administration uses annual COLAs to raise, if necessary, the monthly payments of beneficiaries to align with the real-world prices of goods and services. Furthermore that, the administration has utilized COLAs from the 70s to ensure that both Social Security and Supplemental Security income payments are in line with . To comprehend COLAs it is helpful to know about another acronym called CPI. The overall Consumer Price Index is calculated each month from the U.S. Bureau of Labor Statistics. It is a measure of the changes in the prices that consumers are paying for services and goods like food, fuel and medical care. It is the Social Security Administration bases each cost-of-living adjustment upon a particular index within the CPI umbrella -- it is the Consumer Price Index for Urban Wage Earners and Clerical Workers. In simple terms the index reveals how prices may have increased and the COLA aids consumers to compensate for the higher costs. The BLS published the most recent CPI report in the early hours of this morning prior to the announcement by the SSA. The CPI report provides an 8.2 percent increase in cost of consumer goods in the 12-month period ending September 2022. The past COLA numbers are compared to today's The previous COLA which was made public in December 2021 was 5.9%. The COLA announced today is 8.7%. Since the SSA began issuing COLAs in 1975, the highest adjustments occurred in the year 1980 (14.3 percent) and in 1981 (11.2 percent). Since then, the adjustments have remained in the single numbers. Another of the most high COLAs was in 2008 at the time of the Great Recession. The COLA was 5.8%. How can you cope with the increasing cost of living, whether you're a Social Security beneficiary or not the most recent COLA increase illustrates how inflation impacts your the ability to spend a lot. While there's no easy answer to inflation, there are steps you can take to make sure you have as much money as you can. Consider, for instance, prioritizing higher-interest rates, like payday loans. Also, be aware of your spendinghabits, says Travis Tracy, a certified financial planner and founder Of Fortitude Financial Planning in Durham, North Carolina. "It all boils down to cash flow," Tracy says. "That's what I work on with my clients, sitting down and seeing where everything's going." Examine your bank accounts to look at past expenses, or download a budget app that can automatically . If fuel is an important cost, you might want to use a gas app to find the most affordable fuel available in your local area. Tracy also suggests combining your weekly chores over two or three days to help reduce the cost of fuel. If you're having to decide which bills to cover ensure that you're paying the least feasible for the services you need. Pick up the phone and contact the company that is responsible for the charges you pay and ask politely for your bills to be reduced or delayed. It is also possible to call 211 or stop by for assistance with regards to housing, food health care, or other essential services. Check out the latest news on money. NerdWallet reporters provide you with the most recent financial news, and then explain what it means for you. The author's bio: Cara Smith joined NerdWallet in 2021, after covering business and real estate within Houston and Chicago over eight years. In a similar vein... Discover the best broker by looking through 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 along with other ways to get the most from your money.

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