The nearly 65 million Americans who receive Social Security retirement benefits will receive the biggest cost-of-living increase in more than 40 years. The Social Security Administration (SSA) announced last week an 8.7% COLA boost for 2023. This marks the largest COLA increase since 1981 and follows last year’s 5.9% increase.
The increase will see the average monthly benefit check jump from $1,681 to $1,827. Retirement-aged couples who both receive benefits will get an estimated average of $2,972 a month. While the increase might sound like good news, it comes in the face of higher inflation rates and a volatile market.
The SSA is also raising the maximum amount of earnings subject to the Social Security tax. Starting in January, the taxable maximum will go from $147,000 to 160,200. This means higher earners will be paying more toward Social Security benefits.
For a full breakdown of the effect of the adjustments, check the fact sheet published by the SSA.
Social Security Marketing Opportunities
The SSA’s announcement should be taken as an opportunity for financial professionals to prioritize Social Security when connecting with clients and prospects. There are multiple variables involved with Social Security (when to claim, whether to keep working, etc.). Those without a solid grasp of the program could easily miss out on strategies that will help maximize their benefit amounts.
Do you want to help your clients get the most out of their Social Security benefits? IAMS offers regularly scheduled webinars designed to do just that. The Social Security Claiming Guide webinar covers:
- Three dramatic changes you absolutely need to know about
- Making Social Security Claiming easy and profitable
- Why Social Security expertise is your best prospecting machine
- Why you must have a process for an easy transition to big sales
Upcoming dates for IAMS’ Social Security Claiming Guide webinars include:
Friday, Oct. 28 at 10 a.m. CST (click here to register)
Tuesday, Nov. 1 at 10 a.m. CST (click here to register)
Click below for a list of all our upcoming webinars and access to recorded presentations.
