Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and compare service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informative purposes solely. They are not designed to provide financial advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we suggest that you seek guidance from qualified experts on specific investment issues. These estimates are built on past market performance, and past performance isn't a guarantee of future performance. We believe that every person should be able make financial decisions without a doubt. While our website does not feature every business or financial product available in the marketplace We're pleased that the guidance we offer and the information we offer and the tools we develop are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our website) however it does not affect our recommendations or advice, which are grounded in hundreds of hours of research. Our partners are not able to pay us to guarantee favorable review of their services or products. . Social Security Benefits Will Jump a Historic 8.7 percent by 2023 Cara Smith Lead Writer | Auto loans, cryptocurrency Cara Smith is a lead writer at NerdWallet, where she write about cryptocurrency, investing, and auto loans. She has reported on housing, commercial real estate and general business for Houston Business Journal, CoStar News as well as other publications. She studied journalism and psychology at The University of Houston, where she served as the editor-in-chief of its student newspaper. She is based in Chicago and is searching all day long for authentic Tex-Mex across the Midwest. Oct 13, 2022 Edited by Laura McMullen Assistant Assigning editor Personal finance, financial news Laura McMullen assigns and edits financial news stories. Laura was the previous senior writer for NerdWallet and was responsible for saving, making and budgeting money. She also contributed to the "Millennial Money" column in The Associated Press. Prior to joining NerdWallet as of the year 2015 Laura was employed by U.S. News & World Report in which she wrote and edited content related to careers, wellness and education and also worked on the company's ranking projects. Prior to joining U.S. News, Laura was an intern for Vice Media and studied journalism, history and Arabic in the Ohio University. Ohio University. Laura lives in Washington, D.C. Email:
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. The majority of products we feature are made by our partners, who pay us. This impacts the types of products we review and the location and manner in which the product appears on a page. However, this does not influence our evaluations. Our views are our own. Here is a listing of . The information on investing provided on this site is for informational purposes only. NerdWallet does not offer advisory or brokerage services neither does it suggest or advise investors to buy or sell particular stocks, securities or other investments. More like this Between the rise of inflation and rising fuel prices It's not a secret that your dollar isn't going as far as it once did. Today the Social Security Administration released a report that demonstrates how much consumers' purchasing power has decreased and the way it's done so in record fashion. The SSA declared that its cost-of-living adjustment (COLA) is 8.7 percent. It's the biggest increase in cost of living in over 40 years. For the majority of Social Security beneficiaries, this adjustment translates to an average of more than $140 per month , beginning in January according to an SSA press announcement. " are going down and benefits are going up in 2023. This should allow seniors to have comfort and a sense of calm," Kilolo Kijakazi, acting commissioner of the Social Security Administration, said in the press release. What is COLAs and CPIs? CPIs and COLAs are the two main types of inflation. Social Security Administration uses annual COLAs to increase when necessary, the monthly payments of beneficiaries to align with the real-world prices of goods and services. Furthermore to this, the administration has been using COLAs since the 1970s in order to make sure that Social Security and Supplemental Security Income payments keep up with . To comprehend COLAs it is important to know about another acronym called CPI. The general Consumer Price Index is calculated every month through the U.S. Bureau of Labor Statistics. It measures the change in average prices consumers pay for goods and services like food, fuel and medical services. It is the Social Security Administration bases each cost-of-living adjustment upon a particular index that falls under the CPI umbrella - the Consumer Price Index for Urban Wage Earners and Clerical Workers. Simply put it reveals how prices could have risen, and the COLA assists consumers in compensating for the higher costs. The BLS has released its latest CPI report today prior to the announcement by the SSA. The CPI report shows an 8.2 percent increase in price of consumer goods during the 12-month period that ended September 2022. The past COLA figures are compared to the current ones. The previous COLA, made public in December 2021 was 5.9%. The COLA that was announced today is 8.7 percent. Since the SSA began issuing COLAs in 1975, the most significant adjustments were in 1980 (14.3%)) and in 1981 (11.2%). Since then, the adjustments remain in single number. Another of the most high COLAs occurred in 2008 at the time of the Great Recession. The COLA was 5.8%. How do you deal with the increasing cost of living, whether you're an Social Security beneficiary or not the most recent COLA increase shows how inflation affects spending power acutely. While there's no easy solution to the problem of inflation but there are some actions you can take to keep as much money as you can in your pocket. As an example, you should prioritize higher-interest rates, like payday loans. And make sure you're aware of your spending, says Travis Tracy, a certified financial planner, and the co-founder of Fortitude Financial Planning in Durham, North Carolina. "It all comes back on cash flows," Tracy says. "That's the thing I do with my clients: taking a seat and observing where everything's going." Examine your bank accounts to look at past expenses, or download a budget app that can automatically . If fuel is an important expense, consider using the gas app to find the cheapest fuel in your local area. Tracy suggests that you schedule weekly errands on two or three days to reduce fuel spending. If you're faced with the decision of which bills to pay be sure that you're paying the least possible for the services that you need. Get on the phone and call the companies behind the bills you pay, and politely request for your bills to be reduced or deferred. It is also possible to call 211 or stop by for assistance in relation to food, housing health care, or other services that are essential. See more money news NerdWallet reporters bring you the latest financial news and explain what it means for you. The author's bio: Cara Smith joined NerdWallet in 2021 following her reporting on real estate and business news in Houston and Chicago during eight years. Similar to... Choose the best broker by looking through NerdWallet's recommendations for the top brokers. Get even deeper into Social Security Get more smart money moves straight to your inbox Join us and we'll send you Nerdy posts on the financial topics which matter to you the most as well as other methods to help you get more out of your money.

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