The cost-of living adjustment — the largest in more than 40 years — means the average recipient will receive more than $140 extra a month beginning in January, says the Social Security Administration.
The Labor Department reported a larger than expected increase Wednesday in the producer price index. , meaning retirees will get the full impact of the Social Security increase.
Jo Ann Jenkins, CEO of the AARP, said the benefits increase “will provide much needed relief to millions of Americans.” “There’s already indications that health care inflation is going to be through the roof next year,” Arnone said. 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. The last time a COLA was higher was in 1981, at 11.2%.
Social Security is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. In January, a Pew Research Center poll showed 57% of U.S. adults saying that “taking steps to make the Social Security system financially sound” was a top priority for the president and Congress to address this year. Securing Social Security got bipartisan support, with 56% of Democrats and 58% of Republicans calling it a top priority.
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