Millions of Social Security Recipients to Get 8.7% Boost in 2023
Here's some great news for Social Security recipients. Start looking forward to an 8.7% boost in your benefits beginning in January of 2023.
The biggest reason for the 8.7% increase is because of high inflation, which has raised the cost of living every day.
So how much extra are we talking about? This from mlive.com:
The cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.
I'm sure that many American retirees could use this extra money, especially if that's the only income they're currently receiving. Every little bit helps especially with high gas prices and grocery prices as well.
There are millions of retirees in the United States who receive Social Security benefits. This from mlive.com:
About 70 million people — including retirees, disabled people and children — receive Social Security benefits. This will be the biggest increase in benefits that baby boomers, those born between the years 1946 and 1964, have ever seen.
When you break it all down, American retirees should be getting roughly an extra $140 to $150, starting in January of 2023.
I have quite a few friends who are currently receiving Social Security benefits and have been for quite some time now.
Mlive.com also adds:
In January, a Pew Research Center poll showed 57% of U.S. adults saying that “taking steps to make the Social Security system financially sound” was a top priority for the president and Congress to address this year. Securing Social Security got bipartisan support, with 56% of Democrats and 58% of Republicans calling it a top priority.