ALERT: Biggest Social Security Change In Four Decades

2023 is going to be a big year to seniors! Americans who receive Social Security benefits are about to see the single largest increase to their monthly benefits in 41 years! This increase can be attributed to inflation which began to climb when President Biden took office in 2020.

According to the Motley Fool, the Senior Citizens League explained to Americans that their social security incomes could be raised as high as 8.6% in 2023 based on their calculations after they saw just how much inflation rose in the month of April alone. A retiree who currently receives $1,657 per month will begin receiving an additional $142.50 per month

It’s important to remember that this 8.6% increase isn’t guaranteed because the government still has to determine if inflation has peaked or if it will continue to rise.

Nevertheless, it cannot be denied that inflation has weakened the dollar and the government will have to determine how much more money they will have to give to social security recipients in 2023. Whether that number is 8.6% or higher we will know as we get closer to 2023.