Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the higher cost of everyday living.
, meaning retirees will get the full impact of Social Security increase.
Several government indexes show that inflation hits older Americans harder than the rest of the population. Medical costs are a big part of the burden., and at a time when Democrats and Republicans are sparring about high prices now and how best to shore up the program financially in the future. “There's already indications that healthcare inflation is going to be through the roof next year,” Arnone said.
About 70 million people — including retirees, disabled people and children — receive Social Security benefits. This will be the biggest increase in benefits that baby boomers, those born between the years 1946 and 1964, have ever seen. The last time a COLA was higher was in 1981, at 11.2%. Social Security is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200.
In January, a Pew Research Center poll showed 57% of U.S. adults saying that “taking steps to make the Social Security system financially sound" was a top priority for the president and Congress to address this year. Securing Social Security got bipartisan support, with 56% of Democrats and 58% of Republicans calling it a top priority.
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