The increase is the largest in nearly four decades.
Roughly 70 million Social Security beneficiaries will see a 5.9 percent increase in their payments beginning next year. The increase is due to inflation’s impact on the cost of living and is the largest in nearly 40 years—well above the 1.7 percent average that benefit checks have seen over the past decade.
The last time Social Security benefits had such a large jump was in 1982.
“There’s been huge inflation, so seniors are about to get a big raise. The problem is that’s going to cut into Social Security’s finances,” said Marc Goldwein, a budget expert at the Committee for a Responsible Federal Budget. “It’s potentially a big new cost.”
As the Lord Leads, Pray with Us…
- For administrators of Social Security as they implement the increase.
- For the president and his administration as they assess federal policies that impact inflation.
- For those who receive Social Security to be helped by the payment increase.
Sources: New York Times, SSA.gov
