Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by high inflation that’s raised the cost of everyday living.means the average recipient will receive more than $140 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.
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. 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security increase: Here’s when the COLA for 2023 will be announcedMark your calendars: Oct. 13 is the date when the cost-of-living-increase, or COLA, for Social Security will be announced
Read more »
GOP plan to cut Social Security, Medicare in 2023 comes into viewRepublicans not only intend to push Social Security and Medicare cuts, they also have a plan to force the Biden White House to accept them.
Read more »
Will everyone on Social Security get the same increase for 2023?Plenty of controversy accompanies the move, known as a cost-of-living adjustment or COLA.
Read more »
Social Security benefits to increase 8.7% in 2023JUST IN: Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7% in 2023 as Americans deal with the highest inflation rates in decades.
Read more »
Social Security Benefits To Jump 8.7% In 2023, As Top Tax Hits $19,865As inflation runs the hottest in four decades, 70 million Americans will benefit from the largest Social Security cost of living adjustment since 1981.
Read more »
Social Security COLA 2023 benefits are getting an 8.7% bump — here’s what that means for recipientsThis past year’s COLA was previously the 40-year record-breaker at 5.9%. The record was just shattered again.
Read more »