Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. It's the biggest cost-of-living adjustment in about 40 years. AP's Fatima Hussein breaks it down.
FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Millions of Social Security recipients will soon learn just how high a boost they'll get in their benefits next year. The increase to be announced on Thursday, Oct.
That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by high inflation that’s raised the cost of everyday living.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.
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. Still, he doubts how much of the extra money will end up in his pocket. His rent in an apartment building subsidized by the U.S. Department of Housing and Urban Development is based on his income, so he expects that will rise, too.
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