Social Security To Increase By How Much?

Here’s what we know…

Ever since President Biden stepped into office, inflation has began to climb to levels that has never before been seen by most Americans.

For everyone this inflation has became a major problem but thankfully there is one small benefit for senior citizens, their social security payments will once again increase next year.

According to CNET, an estimated 70 million Americans currently receive social security payments and starting next year their monthly social security checks could increase by anywhere from $130 to $180 more per month.

Social Security payments were already raised at the beginning of 2022 because inflation sat at 5.9% at the beginning of they year thanks to Biden. Now in June of 2022 the Consumer Price Index sits at 9.1% and experts have predicted that the COLA (cost of living adjustment) could be raised by an additional $130 or more.