In 2023, Social Security Benefits to Rise by 8.7 Percent
Rising inflation to lead to largest increase in 40 years
On Thursday, the Social Security Administration announced an 8.7 percent increase in benefit checks for seniors starting next year, a response to the fastest U.S. inflation in four decades.
The change will affect about 70.3 million Social Security beneficiaries, including roughly 8 million Supplemental Security Income recipients. The adjustment will increase monthly Social Security checks by about $145 per month on average, according to AARP, which represents seniors.
Social Security is the largest source of retirement income for U.S. seniors, but rapid price increases over the past year have diminished the value of that income as well as that of other payments. The increase will help seniors adjust to higher living costs, but it also will further strain Social Security’s finances, bringing forward the date by which the program’s trust fund is projected to be exhausted.
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