The highest increase in four decades is in response to inflation.
Social Security checks will be 8.7% higher beginning in January, the largest cost of living adjustment benefits in four decades.
“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Social Security Administration’s Acting Commissioner Kilolo Kijakazi said.
The extra funds may help many of the roughly 70 million Social Security recipients who are experiencing financial challenges due to high inflation and whose retirement accounts have been impacted by plunging stock and bond markets.
The new average amount for retired workers will be $1,814 in the new year.
As the Lord Leads, Pray with Us…
- For Acting Commissioner Kijakazi as she oversees the Social Security Administration.
- For the president and his economic advisors as they assess the state of the economy and inflation.
- That U.S. officials in the Treasury and Federal Reserve would seek God’s wisdom in their decisions and actions.
Sources: AP, Wall Street Journal, New York Times
