Veterans, retirees get 8.7% Social Security cost-of-living boost
Posted on AllSides October 14th, 2022
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Veterans and retirees will see an 8.7% cost-of-living increase in their Social Security benefits starting in December, the largest increase in 42 years, federal officials announced on Thursday.
The big boost reflects the rising cost of inflation throughout the last year. In a statement, acting Social Security Administration Commissioner Kilolo Kijakazi said the move will give beneficiaries “more peace of mind and breathing room.”
The move will directly affect about 65 million Americans receiving Social Security benefits. Administration officials said the average beneficiary will see an increase of about $140 in their monthly payouts....
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