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Is Social Security giving extra money this month 2022?

The latest COLA is 8.7 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 8.7 percent beginning with the December 2022 benefits, which are payable in January 2023. Federal SSI payment levels will also increase by 8.7 percent effective for payments made for January 2023.

ssa.gov - Latest Cost-of-Living Adjustment - Social Security

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What is a COLA?

Legislation enacted in 1973 provides for cost-of-living adjustments, or COLAs. With COLAs, Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation. Latest COLA

The latest COLA is 8.7 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 8.7 percent beginning with the December 2022 benefits, which are payable in January 2023. Federal SSI payment levels will also increase by 8.7 percent effective for payments made for January 2023. Because the normal SSI payment date is the first of the month and January 1 is a holiday, the SSI payments for January are always made at the end of the previous December. How is a COLA calculated?

The Social Security Act specifies a formula for determining each COLA. According to the formula, COLAs are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). CPI-Ws are calculated on a monthly basis by the Bureau of Labor Statistics. A COLA effective for December of the current year is equal to the percentage increase (if any) in the CPI-W from the average for the third quarter of the current year to the average for the third quarter of the last year in which a COLA became effective. If there is an increase, it must be rounded to the nearest tenth of one percent. If there is no increase, or if the rounded increase is zero, there is no COLA for the year. COLA Computation The last year in which a COLA became effective was 2021. Therefore the law requires that we use the average CPI-W for the third quarter of 2021 as the base from which we measure the increase (if any) in the average CPI-W. The base average is 268.421, as shown in the table below. Also shown in the table below, the average CPI-W for the third quarter of 2022 is 291.901. Because this average exceeds 268.421 by 8.7 percent, the COLA effective for December 2022 is 8.7 percent. The COLA calculation, with the result rounded to the nearest one-tenth of one percent, is: (291.901 - 268.421) / 268.421 x 100 = 8.7 percent. CPI-W for— 2021 2022 July 267.789 292.219 August 268.387 291.629 September 269.086 291.854 Third quarter total 805.262 875.702 Average (rounded to the nearest 0.001) 268.421 291.901

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What is the 4 rule for retirees?

One frequently used rule of thumb for retirement spending is known as the 4% rule. It's relatively simple: You add up all of your investments, and withdraw 4% of that total during your first year of retirement.

schwab.com - Beyond the 4% Rule: How Much Can You Spend in Retirement?

You've worked hard to save for retirement, and now you're ready to turn your savings into a paycheck. But how much can you afford to withdraw from savings and spend? If you spend too much, you risk being left with a shortfall later in retirement. But if you spend too little, you may not enjoy the retirement you envisioned. One frequently used rule of thumb for retirement spending is known as the 4% rule. It's relatively simple: You add up all of your investments, and withdraw 4% of that total during your first year of retirement. In subsequent years, you adjust the dollar amount you withdraw to account for inflation. By following this formula, you should have a very high probability of not outliving your money during a 30-year retirement, according to the rule. For example, let's say your portfolio at retirement totals $1 million. You would withdraw $40,000 in your first year of retirement. If the cost of living rises 2% that year, you would give yourself a 2% raise the following year, withdrawing $40,800, and so on for the next 30 years.

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