Here Is What To Know About The Effect Of The COLA Increase On The Snap Program

Certain restrictions, including household income limitations, must be satisfied to be eligible for the program. Because the cost-of-living adjustment (COLA) would increase the amount of money given out by Social Security each month to account for inflation, many are still determining if they will be able to continue receiving SNAP benefits after the COLA is implemented.

Social Security Announces Benefit Increase, More Money for Retirees

Today, the Social Security Administration revealed that benefits will increase by 8.7% in 2023, the highest increase since 1981, when double-digit inflation pushed payouts up by 11%. The cost-of-living adjustment (COLA) impacts 70 million Americans, including 48 million retired employees and their wives and dependents, as well as beneficiaries of disability and survivor benefits and Supplemental Security Income. In 2023, the average monthly increase will go from $1,688 to $1,827, an increase of $142.

Higher Colas Are a Bad Thing For the Middle-Class Retiree

Higher inflation is predicted to enhance the Social Security cost-of-living adjustment, or COLA, in 2023 by a percentage not seen in forty years. This might be interpreted as good news for seniors struggling with rising expenses. The poor part? This substantial increase might drive Social Security users into higher tax categories, resulting in almost half of all households paying taxes on their payments.