Larger Social Security payments are set to begin this week for millions of retired Americans, who will see an 8.7% cost-of-living bump to their benefits.
Barron's managing editor Kristen Bellstrom reacts to younger generations preparing for the prospect of less Social Security benefits.
Social Security recipients will soon start receiving a record-high increase to their benefits, with the first larger payment set to be delivered to recipients this week. The increase, known as a cost-of-living adjustment , is the largest since 1981, when recipients saw an 11.2% jump. This year'swill boost the average monthly benefit by about $140 to $1,827 a month. That compares with the typical benefit of $1,681 in 2022.
The payments are scheduled to begin on Wednesday for recipients born between the first and 10th of a month, according to the Social Security Administration. The second wave of payments will go out on the second Wednesday of the month, followed by the third and final round on the fourth Wednesday of the month.
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