Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service and is not an investment adviser. The articles, interactive tools and other content are provided to you for free, to assist you in self-help, and for solely informational use. They are not intended to provide any investment advice. NerdWallet does not and cannot warrant the accuracy or validity of any information with respect to your specific circumstances. The examples are hypothetical and we suggest that you seek personalized advice from qualified professionals regarding specific investment issues. The estimates we provide are based upon past market performance. Past results are not a reliable indicator of future results. We believe that everyone should be able to make financial decisions confidently. Although our site does not include every company or financial product in the marketplace We're pleased that the advice we provide, the information we provide and the tools we develop are independent, objective easy to use and free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on the site) However, it doesn't affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners do not pay us to guarantee favorable ratings of their goods or services. . Social Security Benefits Will Jump to a record 8.7 percent in 2023 Cara Smith Lead Writer | Investments, auto loans and crypto Cara Smith is a lead writer for NerdWallet, where she writes about investing, cryptocurrency and auto loans. She has written about commercial real estate, housing and general business for Houston Business Journal, CoStar News as well as other publications. She was a student of psychology and journalism in The University of Houston, where she served as the editor-in-chief of the university's student newspaper. She is based in Chicago where she hunts night and day for authentic Tex-Mex in the Midwest. Oct 13 2022, 2022 Edited by Laura McMullen Assistant Assigning editor news Laura McMullen assigns as well as edits the financial news articles. She was previously a senior journalist at NerdWallet and wrote about budgeting, saving and making money; she also contributed to the "Millennial Financial" column in The Associated Press. Prior to joining NerdWallet in 2015, Laura worked for U.S. News & World Report in which she edited and wrote articles on health, careers and education and also worked on the company's ranking projects. Prior to working for U.S. News, Laura worked as an intern for Vice Media and studied journalism as well as history and Arabic at Ohio University. Laura currently lives in Washington, D.C. Email:
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. The majority of products featured here are 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 the page. However, this does not affect our opinions. Our opinions are our own. Here is a listing of . The information on investing provided on this page is for educational purposes only. NerdWallet is not a broker or advisor. or brokerage services or advice or counsel investors to purchase or sell particular stocks or other securities. Similar to this, with the rising cost of the rising cost of fuel and inflation It's not a secret that your dollar isn't going as much as it did in the past. Today the Social Security Administration released a report that demonstrates how much consumers' purchasing power has decreased and the way it's happening in record fashion. The SSA has announced the cost-of-living adjustment for its year COLA is 8.7%. That's the largest cost-of-living increase in over 40 years. For the majority of Social Security beneficiaries, this adjustment is equivalent to an average of $140 or more per month starting in January in accordance with an SSA press announcement. " are going down and benefits are expected to increase in 2023. This should give seniors more security and a sense of calm," Kilolo Kijakazi, acting director of the Social Security Administration, said in the press release. What is COLAs, and CPIs? CPIs and COLAs are the two main types of inflation. Social Security Administration uses annual COLAs to raise the amount of the monthly payment of its beneficiaries to match the actual costs of products and services. In addition, the administration has used COLAs from the 70s in order to make sure that Social Security and Supplemental Security Income payments remain in line with . To fully comprehend COLAs it is important to know about another acronym: CPI. The overall Consumer Price Index is calculated each month through the U.S. Bureau of Labor Statistics and measures the average change in prices that consumers are paying for items and services such as fuel, food, and medical treatment. This 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. Simply put, the index shows how prices may have increased, and the COLA assists consumers in compensating for the higher costs. The BLS published the most recent CPI report this morning ahead of the announcement by the SSA. The CPI report shows an 8.2% increase in the price of consumer goods during the 12-month period ending September 2022. Past COLA figures compared with today's The previous COLA, that was announced in December 2021 was 5.9%. The COLA announced today is 8.7 percent. Since the SSA began issuing COLAs back in 1975, the most significant adjustments occurred in 1980 (14.3%)) and in 1981 (11.2%). Since then, the adjustments have remained in the single numbers. One of the other highest COLAs occurred in 2008 at the time of the Great Recession. That year's COLA was 5.8 percent. How to weather the rising costs of living Whether you're an Social Security beneficiary or not, the latest COLA increase shows how inflation affects the power of spending. While there's no easy answer to inflation, there are actions you can take to ensure you keep as much cash as you can. For example, prioritize with higher-interest rates, like payday loans. Be conscious of your spending habits, advises Travis Tracy, a certified financial planner and founder of Fortitude Financial Planning in Durham, North Carolina. "It all comes back on cash flows," Tracy says. "That's my focus with my clients: looking at the table and assessing where everything's going." Check your bank statements to find previous expenses and download a budget app that can automatically . If fuel is a significant expense, consider using a gas app to find the lowest-cost fuel in your area. Tracy also recommends clustering the weekly chores onto one or two days to cut down on fuel costs. If you're trying to decide which bills to cover ensure that you're paying as little as possible for the services that you require. Call the number and contact the company that is responsible for the bills you pay, and respectfully ask for your bills to be reduced, paused or deferred. You can also call 211 or stop by for assistance in relation to food, housing health care, or other essential services. Find out more news about money. NerdWallet reporters will bring you the most recent financial news, and then explain what it means to you. The author's bio: Cara Smith joined NerdWallet in 2021 after reporting on real estate and business news in Houston and Chicago over eight years. In a similar vein... Choose an even better broker. Check out NerdWallet's recommendations for the top brokers. Explore even more deeply into Social Security Get more smart money moves direct to your inbox. Subscribe and we'll email you Nerdy articles about the money topics that matter most to you as well as other methods to get the most from your money.

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