Are you retiring in 2023? Do you have a retired loved one? You and this person could get a higher social security check next year.
The move is one of the largest cost-of-living payout changes in decades. The hope is to help senior citizens' incomes keep up with inflation. The check value could jump by $175 in 2023. Experts are already saying the increase will not be enough. What is the claim? Seniors will still face difficulties paying their bills as prices keep rising. (source)
Nancy Altman is the president of Social Security Works. Here is Nancy's option on the potential social security check amount hike. (source)
“Unfortunately, the formula used to calculate the adjustment doesn’t reflect the specific expenses that seniors face, especially rising medical costs. Moreover, the underlying benefits are inadequate.”
How much benefit will recipients receive?
The increase in 2023 could work out to 10.5% and it changes the check amount by $175.10. This jump would raise the average payment to $1,668. Last December, over 2.5 million people got social security and supplemental payments. This sum amounted to about $841 a month per individual.
Applications for social security benefits are possible by calling 1-800-325-0778. You can also apply by visiting the Social Security Administration’s website.
Is your social security check not enough to cover your expenses? You can learn about over 2,000 zip code-specific resources for struggling seniors. To find out what help is available, visit the National Council on Aging's “benefits check-up” website.
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.*