Social Security Recipients to See Biggest Cost of Living Boost Since 1981
Veterans and retirees who receive Social Security benefits are set to get an 8.7% cost-of-living increase next year, the highest since 1981.
Key Quotes: The acting Social Security Administration Commissioner said the move will give beneficiaries "more peace of mind and breathing room." A Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group, told CNN that "it's too early to say" whether the boost will be enough to keep up with growing inflation rates.
For Context: The payment boost comes in response to the highest inflation rate in 40 years, and the move will affect roughly 65 million Social Security recipients. Someone receiving the average Social Security monthly payment of $1542 would see an extra $134 each month with the increase. Last year's cost-of-living bump for Social Security recipients was 5.9%, which also came amid record-high inflation.
How the Media Covered It: News sources across the political spectrum typically framed the news as a welcome development while inflation remains stubbornly elevated, but also highlighted voices who said the increase wasn't enough to keep up with higher costs. Both CNN and Fox Business highlighted how higher payments may push people into higher tax brackets and reduce recipients' eligibility for low-income safety net programs, such as rental assistance and food stamps.
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From the CenterVeterans, retirees get 8.7% Social Security cost-of-living boost
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....
From the LeftSocial Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years
Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.
The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023.
The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year.
“Will the COLA be enough to keep up with inflation? It’s too early to say,” said...
From the RightSocial Security recipients to see biggest COLA increase since 1981
Social Security benefits are set to rise by 8.7% in 2023, the biggest bump in four decades as stubbornly high inflation erodes the buying power of retired Americans, the Social Security Administration said Thursday.
The increase, known as a cost-of-living adjustment (COLA), is the biggest since 1981, when recipients saw an 11.2% jump. It will increase the average monthly benefit by about $140.
More than 64 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said.
The higher payments come in response to the...
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