Millions of Social Security recipients will benefit more in 2023, and the boost will be as much as 8.7%, making it historic. But the gain will seem lower as the cost of daily living is rising continuously.
How the Retirees Will Be Benefitted
The living adjustment cost, which has gone the largest in over forty years, means an extra $140 or even more will be received by the recipients on an average every month, and that will begin in January, said the Social Security Administration.
As per the fact sheet, the average monthly benefit for retired workers will be $1,827, which starts in January.
Inflation is very high
Some recipients are satisfied with the increased benefit, although others said they do not enjoy it as it is still hard to cope with inflation.
Some aged people said that grocery prices and home maintenance charges are so high that the budget is getting tight. Only food is taking so much money away that they are finding it hard, they complained.
A new government report has meanwhile come out stating that inflation rates are getting further accelerations in recent days. The Consumer Price Index is rising consecutively every month, up over 8% in the last twelve months, rising by 0.1% in August and 0.4% in September. Unemployment also rose significantly in recent times.
What’s more
The Medicare premiums will not rise for the first time in a decade, which will positively impact the retirees to combat inflation, echoed US president Joe Biden. Biden was cheerful to announce that retired persons will get more in the form of Social Security and lose less for Medicare premiums.
AARP CEO Jo Jenkins said that the extra benefit for Social Security would give the recipients the relief they needed the most.
