Social Security Issues Largest Increase In History
It finally happened!
If you have been keeping up with our news regarding the Social Security’s cost-of-living adjustment (COLA) then you know there was soon going to be an official statement about how much the government will increase SS payments to senior citizens. Today is the day!
According to the New York Times, the Social Security Administration is going to increase benefits for senior citizens by 8.7% next year to match inflation which was caused by President Biden.
This is the largest COLA increase that has been given out since 1981.
Monthly payments to most seniors will increase by $146 which comes out to around $1,827 for 2023.
While Biden’s inflation and bad economy is not good, senior citizens and people who have family members that depend on social security can feel better knowing they will get paid a little more starting next year.
