Millions of Social Security recipients will get an 8.7% boost in benefits in 2023. That’s a historic increase and welcome news for retirees — but it’s tempered by the fact that it’s fueled by high inflation.
WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
The boost in benefits. the biggest in 40 years, will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits. President Joe Biden has pledged to protect both Social Security and Medicare. “I’ll make them stronger,” he said last month. “And I’ll lower your cost to be able to keep them.”
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. Next year’s higher payout, without an accompanying increase in Social Security contributions, could put additional pressure on a system that’s facing a severe shortfall in coming years.
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.
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Social Security benefits to jump by 8.7% next yearWASHINGTON (AP) — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. 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.
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Social Security benefits to jump by 8.7% next yearMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase and welcome news for American retirees.
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