Seniors are struggling after a cost-of-living adjustment last year failed to keep up with surging inflation.
The typical monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $142.60 per month in early 2023, bringing the average check to about $1,800, according to a new forecast from the Senior Citizens League.
An 8.6% jump in monthly Social Security checks could provide some relief to millions of seniors struggling to keep pace with surging costs for everything from gas to groceries. The 69 million Americans who collect Social Security received— the biggest bump since 1982. But inflation has climbed well above that figure in 2022, eroding many seniors' purchasing power.
The Social Security Administration will set the 2023 COLA in October based on the previous three months of inflation data, which means the actual rate hike could be somewhat different from the Senior Citizens League's forecast. Johnson last yearBut there is a caveat about getting a big COLA increase: Much of the bump could be eaten up via Medicare premium increases, which typically also rise each year.
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