Experts say checks could jump 8.6 percent.
Seniors and other people who rely on Social Security benefits could see their biggest cost-of-living adjustment since 1981 next year, with one advocacy group for older Americans forecasting an 8.6 percent hike. Forbes suggested the amount could be 8.9 percent.
The typical monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $142.60 per month in early 2023, bringing the average check to about $1,800, according to a new forecast from the Senior Citizens League.
Such an increase could provide some relief to millions of seniors struggling to keep pace with rising costs for everything from gas to groceries.
The purchasing power of Social Security payments has decreased 40 percent since 2000, partly because increases have not kept up with inflation. More seniors are relying on food banks and food stamps as their buying power goes down. The group’s surveys found that 45 percent of respondents in January reported relying on such resources to secure food—double the rate over the three months since October.
If such an increase goes forward, it would represent the biggest Social Security cost of living boost since 1981.
As the Lord Leads, Pray with Us…
- For administrators of Social Security as they evaluate the cost of living.
- For the president and his administration as they put federal policies in place that impact inflation.
- That the increase will ease the burden for those who receive Social Security payments.
Sources: CBS News, Forbes
