Social Security Recipients Set to Get Big Increase
The U.S. Government announced today millions of Social Security recipients will be getting an 8.7% increase in their monthly benefits starting in 2023. The historic increase is welcome news, but…
Social Security Recipients Set to Receive an 8.7% increase in Monthly Benefits
(Photo by Jeff Fusco/Getty Images)The U.S. Government announced today millions of Social Security recipients will be getting an 8.7% increase in their monthly benefits starting in 2023.
The historic increase is welcome news, but some point out it's been fueled by record-high inflation and higher than normal every day costs.
The average Social Security recipient will receive more than $140 a month extra, beginning January 1, 2023. Government officials say the cost-of-living adjustment is meant to help with the higher costs of food, fuel, and other goods and services.
Today's announced increase is the largest boost in Social Security benefits that Americans have seen in 40 years.
Mary Liz NolanWriter
Mary Liz is the News Director and Co-Host of Augusta’s Morning News on WGAC. She spent 11 years as a News Director at an Indiana Radio Station. She has also worked as a former Police and Courts Reporter for The Republic Newspaper and Assistant Marketing Director of Merchants National Bank in Indianapolis. Mary Liz focuses most on local breaking news stories, feature stories on upcoming events, or community-service related organizations and the people who serve them. She has been with WGAC since 1995.
