BREAKING: Social Security recipients to see biggest COLA increase since 1981
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The increase, known as a cost-of-living adjustment , is the biggest since 1981, when recipients saw an 11.2% jump. It will increase the average monthly benefit by about $140. The higher payments come in response to the hottest inflation in four decades: Prices paid by U.S. consumers surged 8.2in September from the previous year, the Labor Department reported on Thursday, despite an aggressive campaign by the Federal Reserve to cool inflation. The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, which jumped 8.5"A Social Security cost–of–living–adjustment of 8.
In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC.The average benefit in 2022 jumped by 5.9%, which amounted to an average monthly increase of $92 for retired Americans, bringing the total amount to $1,657, the Social Security Administration announced last year.
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Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years | CNNSocial Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.
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Social Security benefits to jump by 8.7% next year in historic increaseThe cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.
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Social Security boost: Benefits increasing by 8.7%Millions of Americans will see their Social Security benefits increase by 8.7% beginning in 2023, amounting to the largest increase in more than four decades, officials with the Social Security Administration announced Thursday.
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Social Security benefits to jump by 8.7% next yearMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase and welcome news for American retirees.
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Social Security recipients to get biggest benefit boost in 40 years amid record high inflationMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
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