The cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January.
WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
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.released in June says the program's trust fund will be unable to pay full benefits beginning in 2035.the government will be able to pay only 80% of scheduled benefits, the report said. Medicare will be able to pay 90% of total scheduled benefits if the fund is depleted.
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Social Security benefits to jump by 8.7% in 2023The Social Security cost-of-living adjustment means the average recipient will receive more than $140 a month starting in January.
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Social Security Payments Will Increase by 8.7% Next YearThe cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January.
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Social Security benefits to jump by 8.7 percent next yearMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023. The cost-of-living adjustment means the average recipient will receive more than $140 extra a month beginning in January.
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