Cost of Living Adjustment (COLA) has been trying to help Americans during these complicated times of inflation, especially during 2022. Every single good and service has increased but the United States Government has gone out of its way to help people in need through welfare programs. COLA got a 5.9% applied to benefits last year but it didn't meet the expectations to offset inflation. In a nutshell, Social Security beneficiaries actually lost buying power in 2022. However, there is a way in which the system can course correct by design. One of the key aspects of COLA are Survivor Benefits, which help your family in the event you pass away.
Social Security's cost-of-living adjustment for 2023 is expected to be higher than average
Basics about Survivor Benefits
Folks who have COLA benefits through Social Security can apply for Survivor Benefits in order to include their family members. In the event they pass away for some reason, these family members can be eligible for monthly benefits through this program. There is one minor detail, the person who passed away must have worked long enough and paid taxes into Social Security. Given that COLA increased in 2023, the Survivor Benefits increased as well. But just how much is the increase of this benefit?
Just as an example, a widower who is over 60 years old got an average survivor benefit amount of $1,705 per month. That was with the 5.9% COLA adjustment but the increase has risen up to 8.7%. This means that the benefits will increase by $140 at minimum in 2023. On average, the projected monthly benefit for an aged widower will be $1,845 for 2023. People who qualify are suriviving spouses, unmarried children, and parents. Even if the surviving spouse has divorced the deceased, they can still potentially qualify for Survivor Benefits.
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August 30, 2023 at 11:23PM
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SSA COLA Increase 2024: What is projected increase to Survivor Benefits payments for next year? - Marca English
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