Social Security benefit rate increases to 8.7% in 2023
The increased rate is due to increased inflation across the United States
With inflation hitting a 40-year high across the country, relief will come through increases in Social Security and Supplemental Security Income benefits for approximately 70 million Americans in 2023.
The cost-of-living rate will increase 8.7% and will begin with with benefits payable to those 65 million starting it early 2023.
According to the the Social Security Administration, average payouts will increase by more than $140 a month.
Last year, the SSA increased the cost-of-living rate to 5.9%, which makes the 8.7% rate a significant increase from the prior year.
Consumer prices rose 8.2% over the last 12 months.
In a statement, acting SSA Commissioner Kilolo Kijakazi said, “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. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising.”
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