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Social Security benefits to jump by 8.7% next year

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WASHINGTON (AP) — 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 record high inflation that’s raised the cost of everyday living. that means the average recipient will receive more than $140 a month extra beginning in January. The cost-of living adjustment is meant to help cover the higher cost of food, fuel and other goods and services.

How well it does that depends on inflation next year.

 

Source: AP – All contents copyright 2022 Associated Press.  All rights reserved.

 

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