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 high inflation that's raised the cost of everyday living.
"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," said Social Security Administration's Acting Commissioner Kilolo Kijakaz.
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. 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.
The annual Social Security and Medicare trustees report released in June says the program's trust fund will be unable to pay full benefits beginning in 2035. Some solutions for reforming Social Security have been proposed - but none has moved forward in a sharply partisan Congress.
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