Social Security Administration announces major raise for seniors
Published: Fri, 10/14/22
'Breathing Room': Social Security Administration announces major raise for seniors
By Casey Harper | The Center Square;(The Center Square) – The Social Security Administration announced a major increase in benefits for seniors Thursday in response to rising inflation.
The SSA said it will increase income benefits by 8.7% for roughly 70 million senior citizens. Beginning by January, the cost-of-living adjustment will raise benefits by more than $140 per recipient.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” Acting SSA Commissioner Kilolo Kijakazi said. “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.”
The hike comes after the U.S. Bureau of Labor Statistics released its consumer pricing data Thursday, which showed consumer prices have risen 8.2% in the last 12 months, the highest rate in decades. The SSA increases are tied to BLS numbers.