How much will Social Security benefits increase in 2023?

Social Security benefits increased by a record 8.7% in 2023, the largest cost-of-living adjustment (COLA) in over 40 years, to help beneficiaries keep up with high inflation, impacting payments starting in January 2023. This meant a significant boost for most recipients, with the average retired worker seeing an increase of about $150 per month.

How much is the cost-of-living increase for Social Security going to be in 2025?

Over the last decade the cost-of-living adjustment (COLA) increase has averaged about 3.1 percent. The COLA was 2.5 percent in 2025. Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026.

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

How to get $3000 a month in Social Security?

To get $3,000 a month from Social Security, you generally need a high lifetime income, averaging around $9,000+ monthly over your best 35 years, and ideally wait until at least your full retirement age (FRA), or even age 70, for maximum benefits, as claiming early reduces payments significantly; increasing high-earning years by working longer or in higher-paying jobs are the main strategies to reach this goal. 

What is the COLA for Social Security in 2026?

The first Social Security payments of 2026 are set to go out in January, reflecting a 2.8% cost-of-living adjustment (COLA). Social Security typically pays benefits on Wednesdays.

January 2026 Update: Social Security payments and stimulus check Deposit dates? | Dave Ramsey

What is the highest Social Security check anyone can get?

The maximum Social Security benefit varies by retirement age, with the highest possible monthly amount in 2026 being around $5,181 if you wait until age 70, while claiming at Full Retirement Age (FRA) yields about $4,152, and claiming at age 62 results in approximately $2,969. To get the maximum, you must have earned the taxable maximum for at least 35 years, had significant earnings above the annual wage base ($184,500 in 2026), and delayed claiming benefits past your FRA. 

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

Why are Americans getting a $4800 check today?

Americans are set to receive a Social Security check worth up to $4,800 today, but not all seniors are happy about the increase in monthly payments. Social Security benefits grew by 3.2 percent this year, in accordance with this year's calculated cost of living adjustment (COLA).

How much Social Security will you get if you make $60,000 a year?

If you consistently earn around $60,000 annually over your career, you can expect a monthly Social Security benefit of roughly $2,100 to $2,300 at your full retirement age (FRA), but the exact amount varies by your birth year and claiming age; for instance, at FRA, it's around $2,311 based on 2025 bend points, while claiming at 62 yields less and claiming at 70 yields more, with an official estimate available on the Social Security Administration (SSA) website. 

Does everyone pay $170 for Medicare Part B?

Costs for Part B (Medical Insurance)

$185 each month ($202.90 in 2026) (or higher depending on your income). The amount can change each year. You'll pay the premium each month, even if you don't get any Part B-covered services.

What to do when Social Security is not enough to live on?

When Social Security isn't enough, supplement your income by exploring other government programs like SSI, SNAP, and Medicaid, working part-time, using retirement savings (401k, IRA), considering annuities for guaranteed income, delaying benefits to increase payments, and seeking help from non-profits like the National Council on Aging (NCOA) BenefitsCheckUp tool. 

How to get $800 back from Medicare?

To get up to $800 back from Medicare, you likely have a Medicare Advantage (Part C) plan or a Federal Employee Program (FEP) plan offering a Part B Premium Giveback or Medicare Reimbursement Account (MRA); you must be enrolled in both Medicare Part A & B, and then submit proof of your Part B premium payments via the plan's app, website, or forms to get reimbursed, often as a credit on your Social Security check or direct deposit. 

Why will some Social Security recipients get two checks in December?

Some Social Security recipients, specifically those receiving Supplemental Security Income (SSI), got two checks in December 2025 because January 1st, New Year's Day, is a federal holiday, causing the January 2026 payment to be moved up to December 31st, resulting in December's payment (Dec 1st) and January's payment (Dec 31st) both landing in December. This is a standard Social Security Administration (SSA) practice for SSI payments, not a bonus, ensuring funds are available before holidays or weekends. 

Can Social Security payments reach $4873 a month?

The maximum possible monthly Social Security benefit in 2024 is $4,873 per month. To receive the maximum, a few things must be true, and few Americans have the perfect combination. In addition to being a high earner throughout your working life, you'll need to wait until you're 70 to start collecting benefits.

Is Social Security giving seniors extra money?

Yes, Social Security is giving seniors extra money through the annual Cost-of-Living Adjustment (COLA), with a 2.8% increase for 2026, starting with January 2026 payments, adding about $56 monthly to average retirement benefits to help keep up with rising prices. This adjustment applies to Social Security (OASDI) and Supplemental Security Income (SSI) for millions of Americans. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

Is everyone getting $3,000 from the IRS?

Rumors of a universal $ 3000 check from the IRS have gained traction on social media, but these claims are not true. As of 2025, there is no federal program authorizing a new $ 3000 stimulus, rebate, or automatic payment to all Americans.

Is SS going up in April 2025?

Yes, some Social Security recipients received benefit increases in April 2025 due to the Social Security Fairness Act, which adjusted checks for those affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), with many seeing larger payments for the March benefit received in April. However, the general annual Cost-of-Living Adjustment (COLA) for 2025 (a 2.5% increase) was applied in January 2025, and the next COLA (for 2026) will be 2.8%, effective January 2026, not April 2025. 

Why are people getting $1400?

Most recently, these rounds occurred during the COVID-19 pandemic in 2020–2021, when the government sent up to $1,200, $600 and $1,400 per person to eligible taxpayers as part of economic relief laws.

What is a good monthly retirement income?

A good monthly retirement income is often cited as 70% to 80% of your pre-retirement income, but it varies greatly by lifestyle, location, and expenses, with many needing $4,000 to $8,000+ monthly, depending on if they seek a modest, comfortable, or affluent retirement, while accounting for inflation and unique costs like healthcare. 

How much does the average 70 year old American have in savings?

Americans in their 70s have an average retirement savings balance of $1,020,318; the median is $436,144, putting some 70-year-olds in the retirement millionaire bracket. Most Americans retire in their mid-60s and may start to see healthcare costs eating up a portion of their retirement nest egg.

Can I live off the interest of $500,000?

"It depends on what you want out of life. It's all about lifestyle," he said in a 2023 YouTube short. "You can live off $500,000 in the bank and do nothing else to make money, because you can make off that about 5% in fixed income with very little risk.