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Over a million of our fellow Minnesotans will soon be getting an extra nearly $150 a month-- are you one of them? Here's how to find out.

It hasn't happened in over 40 years, but it was just announced earlier this week (Oct 13, 2022) that an extra payment of at least $140 a month (and likely more) will be showing up in bank accounts of over one million Minnesotans starting in January.

So just WHO will be seeing that extra money? Well, that would be residents of the Land of 10,000 Lakes who are enrolled in Social Security and Supplemental Security Income (SSI). And that's because the U.S. Social Security Administration (SSA) announced this week that it was increasing social security payments by 8.7 percent starting in 2023.

According to a release from the SSA, that increase is part of a cost of living adjustment (COLA) that will help those enrolled in social security battle inflation that has seen prices on just about everything increase over the past year.  SSA estimates the new increase will affect 70 million Americans, including over 1,032,607 Minnesotans who are enrolled.

That 8.7 percent COLA increase is the highest the SSA has issued in 40 years, topping even last year's increase of 5.9 percent. So how did they come up with the new amount? Here's how:

Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.

The release said the SSA will be mailing out COLA notices later this fall that will detail just how much more individual payments will be increasing. (You can look online starting in December if you don't want to wait for your increase in the mail.)

There is one group of people here in Minnesota who likely WON'T care about that COLA increase, though. That's because they're the richest people in Minnesota. Keep scrolling to see who they are... as well as which neighborhoods are the richest in Rochester in 2022!

Listen to Curt St. John in the Morning
Weekdays from 6 to 10 a.m. on Quick Country 96.5

The Richest People In Minnesota

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