It's a historic increase fueled by record-high inflation. — The Associated Press
The 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.
The increase to be announced Thursday, expected to be the largest in 40 years, is fueled by record high inflation and 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. White House press secretary Karine Jean-Pierre said in a statement Wednesday that the combination of a Social Security benefit boost and a decline in Medicare premiums will give seniors a chance to get ahead of inflation. “We will put more money in their pockets and provide them with a little extra breathing room,” she said.
Social Security is financed by payroll taxes collected from workers and their employers. Each pays 6.2% on wages up to a cap, which is adjusted each year for inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $155,100.
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Social Security benefits to jump by 8.7% next yearMillions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year.
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Social Security benefits to jump by 8.7% next yearWASHINGTON (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 high inflation that’s raised the cost of everyday living.
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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 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.
Weiterlesen »
Social Security benefits to jump by 8.7% next yearThe cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January.
Weiterlesen »