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 RECORD-HIGH INFLATION THAT’S RAISED THE COST OF EVERYDAY LIVING. THE COST-OF-LIVING ADJUSTMENT MEANS THE AVERAGE RECIPIENT WILL RECEIVE MORE THAN $140.00 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.
