Social Security Recipients Get Highest Cost-Of-Living Increase In Decades
By Jason Hall
October 13, 2022
Social Security recipients will receive an annual cost-of-living adjustment of 8.7% in 2023, which will mark the biggest increase since 1981, CNN reports.
The Social Security Administration announced the increase in a news release shared on its website Thursday (October 13) morning.
SSI said retirees' monthly benefits will increase by $146 monthly and an estimated $1,827 annual average for 2023, to combat rising inflation.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said in the news release.
Social Security recipients had been previously given a 5.9% increase, which boosted monthly payments by $92 as part of an estimated average of $1,657 for 2022.
“Will the COLA be enough to keep up with inflation? It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group, via CNN. “It depends on what inflation is going to do from October onwards.”