You can learn more about the ways we protect your personal information and my Social Security account here. How Much You Will Get From Social Security. W3MrxcyzRv+@[15yfD^u+NhC%pG=lYyctR) Opwk' J{ In addition to Sanders, Warren,Schakowsky and Hoyle, additional Congresspeople supporting the Social Security Expansion Act include other key members of the Democratic party such as Sens. . Right now, a Wall Street CEO who makes $30 million pays the same amount into Social Security as someone who makes $160,000 a year. . The government introduced the Social Security benefits program in 1935 to provide a source of income for Americans in retirement. Social Security recipients will get a 5.9% raise for 2022, compared with the 1.3% hike that beneficiaries received in 2021. See: What Happens to Social Security When You Die?Learn: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track. and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) have renewed interest amid proposed cuts to Social Security as the U.S. faces its latest debt ceiling crisis. Social Security beneficiaries who are younger than their full retirement age can earn up to $21,240 before their benefit is temporarily withheld. If were talking about bailing out certain industries, weve got to treat the most vulnerable population in this pandemic, our seniors, with the same priority, he said. The COLA, which is tied to the Consumer Price Index, aims to ensure that the purchasing power of those on Social Security is not impacted by the year-to-year price increase caused by inflation. (We deduct $1 from benefits for each $2 earned over $21,240.) Vi, Yahoo, r en del av Yahoos varumrkesfamilj. The 2021 Changes for Social Security and Medicare - TheStreet This affects many people in the US, with an SSA report in July finding that more than 7.8 million Americans receive SSI benefits. ~][(jq_~]6ii 4KeM]`v3#44[m#k?]gnWe7 B)@/ wpJb-NKkCj&?CN:?m{yE81'EE%}ed)sMr"1S?Md%R)(ep9rczRiC|*z Bh+ vhG8_Fzq^Y;nS-VVjO#bL^S1UPg]M0 7X+_"0;c)Fdc-4O*_/bdn5S Is Social Security getting a $200 raise in 2022? - FinanceBand.com McCarthy reiterated his partys support for these entitlement programs. In order for a 5.9% increase to result in an extra $200 per month in benefits, you would have needed to have received at least $3,389 per month in 2021. The full retirement age for those born in 1960 or later is 67, a year later than the full retirement age of 66 for those born between 1943 and 1954. Previous Social Security COLAs have ranged from zero in 2010, 2011 and 2016 to 14.3% in 1980. Its also a critical part of retirement security and economic security for some of the worst-affected Americans.. Rep. John Larson (D-Conn.), the Ways and Means Social Security Subcommittee chairman, pitched his bill, The Emergency Social Security Benefits Improvement Act, on the call. Those with an older full retirement age also have less opportunity to increase their Social Security payments via delayed claiming. Based on releases from previous years, the public can expect an announcement by mid-October, after CPI data from September is available. Wall Street rebounds from last weeks rout, with Dow up more than 350 points as investors anticipate a Biden presidency that will produce a more robust stimulus. In their March CNBC op-ed, the two wrote, We are pushing to include in Congress next stimulus package a $200 increase in the monthly benefit for all Social Security, Veterans, and Supplemental Security Income (SSI) beneficiaries through the end of 2021. The two estimated that such a supplement would add $4,000 in the pockets of seniors and people with disabilities who have earned this benefit by contributing to Social Security with every paycheck and improve the lives of millions of Americans and help our economy stabilize and recover.. It's important to protect yourself from someone stealing your #SocialSecurity number or other personally identifiable info: https://t.co/DWHHAiPFB0 And rememberfraudsters don't go on vacation, so stay vigilant! `c`}H5w&YHFCLI2ax0f}oF30 s00]A8%||W! E Social Security COLA in 2022: How much more money you will see in your benefits every month Social Security beneficiaries will see a 5.9% increase to their monthly checks in 2022. Did the Sunlight Protection Act pass? However, one of the biggest proposed changes could come if President-elect Joe Bidens stimulus plan, which proposes adding an extra $200 to millions of monthly Social Security payments, is approved. What is the minimum income to qualify for unemployment in Florida? Senate Dems propose additional $200 in monthly Social Security benefits Beyond the chatter around the debt ceiling crisis, the Social Security Expansion Act bill is timely for a couple of reasons. Social Security Opens New National Hearing Center in St. Louis Brings 200 Jobs to St . Will the government shutdown affect social security checks? In October, the Social Security Administration (SSA) will announce the 2022 Cost-of-Living-Adjustment, or COLA as it is more commonly known. The latest draft of the bill also provides a way forward for the severely underfunded program, ensuring that future generations can receive benefits through 2096 by taxing the highest earners in the country. The maximum amount of earnings subject to Social Security tax will increase by $13,200 to $160,200 in 2023. Why is the debt ceiling important? Millions of Monthly Beneficiaries from Social Security retirement, Social Security disability, SSDI, SSI and VA beneficiaries have been wondering if and when we will get a $200 per month Raise to our benefits as a result of the proposal from early 2021 from a handful of senators. A news release from the Assistant Deputy Commissioner of the Social Security Administration Darlynda Bogle announced that Americans can expect to see their Social Security benefits and Supplemental Security Income (SSI) payments rise by 1.3% in 2021 thanks to a cost-of-living adjustment. For Social Security beneficiaries receiving Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center. Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need. In 2021, social security recipients got a 1.3 percent raise after adjustments for 2020 inflation, adding $20 to their checks. (D-NY), Senator Elizabeth Warren (D-MA), and Senate Finance Committee Ranking ", "Increasing Social Security benefits would get money directly to s\A0W+ 10 Social Security Rules Everyone Should Know. Lower- and middle-income adults are . This Bernie Sanders Bill Could Hike Your Social Security by $2,400 and and Rashida Tlaib (Mich.). It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. According to CNBC, Biden has said he plans to increase Social Security payments by $200 per month, which would affect retirees as well as veterans and Supplemental Security Income (SSI) recipients. Stephen Goss, SSA's chief actuary, says the COLA will be close to 6 percent. With a Recession Looming, Make These 3 Retirement Moves To Stay On Track, stop receiving their full Social Security, Social Security: Proposal for $2,400 Extra in Checks Expanded and Reintroduced in Congress, UPDATE 1-UK says Ukraine forces under increasingly severe pressure defending Bakhmut, Ukraine Latest: Russian Defense Chief Makes Rare Visit to Troops, In Britain, warm hubs emerge to beat soaring energy costs, INSIGHT-Before fatal collapse, Turkish building had skirted code thanks to Erdogan policy, In Chicago, adapting electric buses to winters challenges. Under terms of the bill, anyone who is a current Social Security recipient, or who will turn 62 in 2023, would receive an extra $200 in each monthly check. Social Security and OIG Announce Additional Anti-Fraud Units. "This will put about $4,000 in the pockets of seniors and people with disabilities who have earned this benefit by contributing to Social Security with every paycheck . SocialSecurity_Press (@SSAPress) October 13, 2020. However, most simple requests can usually be completed online without a trip to the office, including applying for benefits and updating your direct deposit information. This video pertains to Social Security Beneficiaries, SSDI Benefits, Social Security retirement, SSI, supplemental security income and VA Beneficiaries in reference to the $200 per month Raise that was brought up in early 2020 from a handful of senators.Please make sure to subscribe and share this video with your friends, family, social media and check out any of the other videos here on the channel#SSDI #SSI #SocialSecurity #Elderly #Seniors #Benefits #Raise #Money #Lowincome Join this channel to get access to perks:https://www.youtube.com/channel/UCYqOP98j1cPqLzN2-AAgsHQ/joinFREE $30 here: https://www.rakuten.com/r/BLINDT32FREE Stocks Here:https://act.webull.com/te/rtYUM4U86HxG/t1j/inviteUs/Shop Amazon Here:https://amzn.to/2UjdFCzMusic in this video is complements of:Diamond Eyes - Stars***Disclaimer*** All the material in this video is for entertainment purposes only and is not financial, legal, accounting, investment advice, or advice in any way. ), The earnings limit for people reaching their full retirement age in 2023 will increase to $56,520. (Some Medicare beneficiaries might pay higher premiums, typically due to having a high income or paying a late enrollment penalty. What we know about Buster Murdaugh: Where is the surviving son of the Netflix documentary. Enjoy live and on-demand online sports on DAZN. You can also opt out of receiving notices by mail that are available online. HT]k0}/`E6&ee#]Yj>>W lnn?:cHG 49 However, in 2023, monthly Medicare Part B premiums will actually decrease slightly from $170.10 in 2022 to $164.90 in 2023. "There is no limit on earnings for workers who are full retirement age or older for the entire year," says William Reichenstein, head of research at Social Security Solutions and professor emeritus at Baylor University. The new bill aims to ease the financial strain by boosting each recipients monthly check. For flexibility and a sense of purpose, consider these jobs for people over 50. In order for a 5.9% increase to result in an extra $200 per month in benefits, you would have needed to have received at least $3,389 per month in 2021. https://t.co/siPBTS69XK pic.twitter.com/jZ8OwJoCBg. In order for the benefit increase to reach $200, a person's 2021 benefit would have needed to be $3,389. According to the Social Security Administration, the average monthly Social Security check for retired workers was $1,514. Getty Those numbers dont make any sense., THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. Social security benefits are usually adjusted to account for inflation. Rep. Jared Huffman (D-Calif.) said its a popular idea in the House Democratic caucus. If you read our Commitment to America, all we talk about is strengthening Medicare and Social Security, he told CBSs Face the Nation on Jan. 29. national emergency caused by the spread of the coronavirus. The adjustment is expected to affect an estimated 70 million people, Bogle said: We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. Second Stimulus: Your Social Security Check Could Get an Extra $200 The Social Security Expansion Act included a $200 monthly increase in Social Security benefits for new and existing recipients, separate from the annual cost-of-living adjustment (COLA), according to a fact sheet on the bill. The Social Security Administration is expected to announce the 2022 inflation adjustments in Oct. 2021, and any adjusted payments would into effect in Jan. 2022. President-elect Joe Biden's stimulus plan proposes to add an extra $200 to Social Security and SSI . Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. H\An@E"DB;$ C4~D$~Evw?]p N]-v47zxLCVU.^^xswv8,m]rw7{7C?[\z|]w!u+%e nBSEVzM*}{5.;?uE%V'xK_/K)\\Kr ^za^X/!O1=/\s %8S3*JgYtV8+JOMfiiiiiiiiii1Cl9rg321fb!c&L<33~9i1r LEUe j (SSI) beneficiaries through the end of 2021, which would improve the lives of s 2021 paper, "The Budget Control Act of 2021: A Roadmap for Congress," including but not . The maximum possible Social Security benefit for someone who retires at full retirement age will be $3,627 in 2023, up $282 from 2022. The new spending bill makes it easier to save for retirement. Press Releases | Press Office | SSA - Social Security Administration I wanted to give an update in this video as we have had numerous people asking about this $200 per month Raise for Social Security, $200 raise for SSDI, $200 raise for SSI, and the $200 per month Raise for VA beneficiaries. Will Social Security Recipients Get a $200 Raise in 2022? - Market Realist t+W6ZTwvZ>\*D All Rights Reserved. 386 0 obj <>stream In fact, The average monthly Social Security check was about $1,658 as of Dec. 2022, meaning a $200 increase would represent a 12% boost. Ask a Tax Pro, Safeguard Your Retirement From Economic Turbulence. A 5.5 percent increase would boost the average monthly benefit by about $83 . The benefits are expected to increase with the holiday payment for January 2021, which is typically paid in advance. ,zBJe]KJJ+?KE4(5z\$>CcB|%sa The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. The poll, conducted in January and released on Feb. 24, found that 63% of adults ages 65 and older say they are "satisfied" with Social Security and Medicare. 10 Ways to Increase Your Social Security Payments. Can he appeal or get out early? The full retirement age is 67 for those born in 1960 or later. The CPI-W is the index used by the SSA to calculate the COLA increase each year. They would be phased down at adjusted gross income thresholds of $75,000 for individuals and $150,000. You can claim a social security tax refund before retirement if you contributed too much. Researchers have found that increasing Social Security benefits has a "large, Those adjustments have mostly resulted in a raise for recipients. immediate, and significant" positive impact on spending. Self-employed people are required to allocate 12.4 percent of their income to social security. #CQR3\ WV g!r15 F5Pg1h}15/v&T^M(16tFAum,.pa98r*j+i*lz{q"B@O/t b!?`.6U,syn`>qj7c,8/&(=k|Dr4Xk(=_PEEP/1&[&D/d=3ZHfTsJNu7_ R4 #SocialSecurity announces 1.3 percent benefit increase for 2021. endstream endobj 367 0 obj <>stream Americans bearing the weight of this public health crisis. COLA for 2021. Workers who claim Social Security before their full retirement age receive reduced payments, and those with an older retirement age experience bigger reductions. That's. benefits are increased. The cost-of-living adjustment is calculated by the Department of Labor. A major Democratic criticism of the Senate Republican stimulus plan is that it does not do enough to help peopleon the lowest rungs of the economic ladder who are especially vulnerable to the economic downturn caused by the coronavirus. #investinyou (In partnership with @acorns.) The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. The president was talking about it in the State of the Union, he said. Time to drop the disability coverage and review your other plans. and education, and more. From 2019 to 2020, the CPI-W increased from 250.200 to 253.412. Americans are living longer than ever, and that creates some challenges for retirees. Biden's campaign called for applying Social Security payroll taxes to those making $400,000 and up. endstream endobj 365 0 obj <>stream Social Security Is Fine As Is, Say 63% of Americans Over 65 - 72% Still hb```e``z^ B@9];B,R `! fight COVID-19 and the economic crisis facing every American. "We will see an increase in the maximum wage subject to the Social Security tax," says Jim Blair, a former Social Security administrator and lead consultant at Premier Social Security Consulting in Cincinnati. Workers pay 6.2% of their earnings into the Social Security system until their income exceeds the taxable maximum. The 8.7% Social Security cost-of-living adjustment for 2023 is significantly larger than the 5.9% COLA in 2022 and just 1.3% COLA in 2021. y^;MV\l]6jxWepbb2~6&R9gPD endstream endobj 362 0 obj <>stream Trump releases song with January 6 rioters: Former President collaborates with prisoners on Justice For All. Before that, benefits were increased only when Congress enacted special legislation. Moody's Analytics estimates the 2022 COLA at 5.6 percent. The earnings subject to the Social Security tax will climb to $160,200. benefit for all Social Security, Veterans, and Supplemental Security Income This article originally appeared on GOBankingRates.com: Social Security: Proposal for $2,400 Extra in Checks Expanded and Reintroduced in Congress. Social Security recipients who are younger than their full retirement age can earn up to $21,240 in 2023 before a benefit dollar is withheld for every $2 earned above the limit. According to the Urban Institute, this plan to help extend Social Security would only extend the lifespan of the program for five years. Once you turn your full retirement age, there is no penalty for working and collecting Social Security benefits at the same time, and your benefit is recalculated to give you credit for your continued earnings and any benefits that were withheld in the past. endstream endobj 364 0 obj <>stream What are the winning numbers for Fridays $167 million Mega Millions jackpot? Best case scenario. That compares with 43% of those ages 50 to 64, 42% of those 30 to 49 and 35% of those 18 to 29. According to The Associated Press, this years increase is 0.3% lower than last years COLA and will amount to roughly an additional $20 per month for the average retiree. Key Takeaways. "Immediately increasing Social Security benefits would put money in the Update - $200 Raise for Social Security, SSDI, SSI & VA Monthly Benefits 59,689 views Aug 18, 2021 Update $200 raise for Social Security, SSDI, SSI and VA monthly benefits .more. The draft legislation, obtained by Fox News, would provide payments of up to $1,200 per person. Social Security: Proposal for $2,400 Extra in Checks Expanded - Yahoo! Read more about the Social Security Cost-of-Living adjustment for 2023. H|U[oK~_t2;r+-P#TnJH=3[>4cS-Q\N/fl The maximum benefit for someone who'd. President-elect Joe Biden's stimulus plan proposes to add an extra $200 to Social Security and SSI payments every month. The additional benefit was first proposed by two Democratic senators, Oregons Ron Wyden and Massachusetts Elizabeth Warren. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor's Consumer Price Index (CPI-W). You can also view your Social Security statement, which includes a personalized estimate of your future Social Security benefit at nine different potential claiming ages, by creating a my Social Security account. For retirees, the average benefit seen was $1,534, while beneficiaries with a disability saw an average of $1,280 in June 2021. Here's what the Social Security COLA for 2023 means for you. by Alexander Bolton and Mike Lillis - 03/21/20 12:11 PM ET, U.S. News & World Report responds to law, medical school departures from rankings, Democratic AGs slam DeSantis for seeking info on college students receiving gender-affirming care, California nurses slam state decision to roll back COVID-19 requirements in health care settings, Biden hosts German leader to discuss Ukraine support, Fallout from toxic Ohio spill lingers a month later, Federal agency urges railroads to review how they share hazmat info in wake of Ohio train derailment, Pelosi on DC crime bill: I wish Biden wouldve told us first, Republicans notch key win with Bidens DC crime bill move, Manchin indicates opposition to Biden lands nominee over internal memo, DC voters approve of crime bill that GOP wants to undo, poll finds, Sen. Tommy Tuberville: Democrats want one gender, trying to get to our young kids, FBI Dir accuses China of obfuscating Covid investigation, Poll finds Ron DeSantis top choice for 2024 GOP nominee, House Democrats rally behind Biden ahead of expected 2024 announcement, Judiciary Democrats go after GOP whistleblowers in FBI probes, Trump asks for roughly six-month delay in New York fraud case, Michael Steele on Marjorie Taylor Greene: Just shut the hell up, Texas property tax bill excludes divorced, LGBTQ couples from getting relief, House Democrats blindsided as Biden changes tune on DC crime bill, Florida bill would require bloggers to register before writing about DeSantis, Why Biden decided to side with GOP and not veto a DC crime bill, Mike Lindell calls DeSantis a Trojan Horse. As GOBankingRates previously reported, the Social Security Expansion Act was first introduced on June 9 by Sanders and U.S. Rep. Peter DeFazio (D-Ore.). The Social Security Administration is expected to announce the 2022 inflation adjustments in. Under terms of the bill, anyone who is a. This is a secure, convenient way to receive COLA notices online and save the message for later. This is the biggest Social Security cost-of-living adjustment in 40 years. To be able to comment you must be registered and logged in. September 30, 2020. Democrats' bold Phase 3 proposal for at least $750 billion to The governments annual calculations have shown a rise in the cost-of-living, which Social Security Administration officials have said will mean more money in Social Security benefits in 2021. Taking classes keeps your mind sharp, helps you network and may even be free. 7.65% ; 7.65% : Self-Employed . Live Richer Podcast: How To Leverage Your Investments. Failing to increase or suspend the debt ceiling could lead to the U.S. government defaulting on its debts for the first time, which could shock the global economy and permanently call into question the full faith and credit of the U.S. government. According to the press release from Senator Sanders office: Nearly 40 percent of seniors rely on Social Security for a majority of their income; one in seven rely on it for more than 90 percent of their income; and nearly half of Americans aged 55 and older have no retirement savings at all.. 15.30% ; 15.30% . Read more about the COLA, tax, benefit and earning amounts for 2023. The 2022 COLA is the largest increase to Social Security benefits since the 7.4 percent . Is cola paid twice a month? Explained by Sharing Culture Member Ron Wyden (D-OR) today unveiled a plan to increase by $200 the monthly Social Security payments are adjusted each year to keep pace with inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers. hmO0_nB !2$ For their part, GOP leaders are also stating that they are not interested in cuts to Social Security or Medicare. This increase corresponded with a 1.3 percent COLA. Current market conditions bring both opportunity and risk. Forgot password? In a typical year, part of the Social Security cost-of-living adjustment is often used to pay for higher Medicare premiums. The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt - ntu.org (The full retirement age increases in two-month increments for those born between 1955 and 1959.). individuals with severe disabilities. As the Social Security Administration explains, the monthly SSI maximum increased from $794 per month in 2021 for one person to a monthly amount of $841 in 2022. Immediately increasing Social Security benefits would put money in the pockets of seniors, veterans and people with disabilities during these uncertain times, Schumer said in a statement. Democrats call for stimulus to boost Social Security benefits by $200 a https://t.co/O59lAo0IiH, John Lundin (@johnlundin) November 2, 2020. In dollars, a 6.1 percent increase would correspond to a bump in. Those included in the CPI-U must meet two requirements: more than one-half of the household's income must come from clerical or wage occupations, and at least one of the household's earners must have been employed for at least 37 weeks during the previous 12 months.. s\s+aW] v%*====}|{W]9S1S9S1S9S1S9S1Sw{W]s_AE=({P`o7 Fo7 F?||ln)9g?8.+ J The Social Security Administration (SSA) announced beneficiaries will receive a 1.3% cost-of-living adjustment (COLA) for monthly benefits payable in 2021 (compared to a 1.6% increase in 2020 . The historic predictions for the 2022 COLA are based on the CPI-W data from July and August, where the CPI-U averaged 267; an increase of more than fourteen points, over levels recorded in the fourth quarter of 2020. PDF 2021 Social Security Changes Congress reintroduces daylight saving time bill. At a time when nearly half of older Americans have no retirement savings and almost 50% of our nations seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security, Sanders said in the statement. Avoid falling victim to fraudulent calls and internet phishing schemes by not revealing personal information, selecting malicious links, or opening malicious attachments. Senior insurance needs are different. H|UKo0Wh cIujEV@N"q,Y?HIqb(P\2x1%epawVi.j_BA{GG?Q$Ghm1k\ S-Mit7GekR9bU0v( "pT[xZ5St}s E ntps9ggW&~l:DUsx"a>jte.KW2`Q|B^Z;"l]yXF$w"i=;-$C ~KJFC-zl\#~@3$flnpB<>Z?h=sgA[rW=FlLjrl.g\l@2ms`>HA0"}WtO))@2Hhqr{!pOT8{iX#B.lJg|T,F.m6+EwbPi&?py/ =uP!2{I =T)Tn*wn-nZ'Qnis>9A4SD$ The maximum benefit for someone who'd . give seniors, veterans, and people with disabilities who have earned this iStock. Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. If you haven't done these things by age 50, it could be too late to do them well. The Senior Citizens League is pushing for a special $1,400 emergency check for seniors. It would provide for a 2 percent across-the-board increase in Social Security benefits for 64 million people, increase the threshold for the special minimum benefit to 125 percent of the federal poverty level, and reduce taxes on benefits for low- and middle-income individuals and families. Maximum earnings subject to the Social Security tax . "Social Security was created to respond to Previous Social Security COLAs have ranged from zero in . 1.8K Share 38K views 1 year ago Social security benefits update including the $200 monthly raise and COLA Changes, President Bidens plan for Social Security Benefits 2021 with an. FINALLY! EXTRA $2400! Social Security $200 Monthly Raise & COLA Shark Tanks Kevin OLeary blasts Ocasio-Cortez: She kills jobs by the I never realized: Airbnb hosts warn of scam taking advantage of Trump collaborates on song with Jan. 6 defendants, Watch live: White House monkeypox response team holds briefing, Do Not Sell or Share My Personal Information. The senators also noted that many retired seniors rely wholly on those payments for income and that beneficiaries have received a supplemental payment in times of economic strife before; in the wake of the 2008 economic crisis, the 2009 American Recovery and Reinvestment Act provided Social Security, SSI and other benefit recipients such as veterans with a one-time payment of $250. pockets of seniors, veterans, and people with disabilities during these endstream endobj 366 0 obj <>stream (We deduct $1 from benefits for each $2 earned over $21,240. Based on the increase in the Consumer Price Index (CPI-W) from the third . of the added benefit with their taxes. Based on the rates from July and August, the COLA would be somewhere around 5.5 percent, but many assume that the September data will bump this figure up even further.