OCTOBER 13, 2022 UPDATE:
WASHINGTON (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 record high inflation that’s raised the cost of everyday living. that means the average recipient will receive more than $140 a month extra beginning in January 2023. The cost-of living adjustment is meant to help cover the higher cost of food, fuel and other goods and services. How well it does that depends on inflation next year.
OCTOBER 13, 2022:
WASHINGTON (AP) — Millions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year. The increase will be announced Thursday morning (Oct. 13, 2022). It’s expected to be the highest in 40 years, fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services. How well it does that depends on inflation next year. The boost in benefits takes effect in 2023. It 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.
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