Social Security to Get Biggest Boost in Years
(AmericanProsperity.com) – The Social Security Administration (SSA) announced its 2023 cost-of-living increase on October 13 with the promise of improving recipients’ buying power amid snowballing inflation. The move marks the largest adjustment in over 40 years.
Over 70 million Americans rely on Social Security payments to support their retirement or stay on their feet. Most live on fixed incomes, making them among the most vulnerable to economic collapse. The SSA determines rate increases by analyzing the Department of Labor’s Consumer Price Index, which rises with inflation and affects overall living costs. The administration hopes the change will add an average of $140 to recipients’ monthly checks and “will give seniors more peace of mind and breathing room.”
The annual adjustments were created to ensure Social Security beneficiaries don't see their monthly checks eaten away by inflation.
But prices have risen at a blistering pace since last year's COLA — a huge blow for recipients facing rising costs. https://t.co/mzFjeZQPHh
— Axios (@axios) October 13, 2022
The SSA also shared it would freeze Medicare premium rates for the first time in over 10 years as an added buffer.
Recipients should receive the news in yearly cost-of-living adjustment (COLA) letters, but they can also inquire about personal increases by logging into individual “my Social Security” accounts. The information should be available to all account holders beginning in December.
Unfortunately, the increase doesn’t apply to people who have defined benefit pension plans on top of Social Security benefits. These people, and those who rely on investments or individual retirement accounts, remain on their own when weathering the current financial storm.
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