New Jersey residents seeing Social Security income increase

Jake Wells
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Did you know that New Jersey residents are paying an average of $740 more⁠ each month due to inflation? This same source also says that the rate of inflation is as high as 12%. (source) Thankfully, here's some good news if you're one of the millions of Americans in the United States that receives Social Security Income. On average, the Social Security benefits have increased by $1,680 which comes out to $140 more per month for eligible recipients. The first checks started going out at the beginning of 2023.

Why Social Security income is going up for participants

This new cost-of-living adjustment (COLA) is a game changer for millions of people. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits are not diminished by inflation. With inflation at record highs this year, it makes sense that benefits have increased 8.7% for qualifying individuals.

Additional help is available for many New Jersey residents

Even with this this COLA I mentioned above, many New Jersey residents are paying around $740 more each month. So an increase of $140 per month doesn't cover the cost of the price increases.

If you still need some assistance, you can go to the state of New Jersey benefits page here. You may qualify for many different programs such as the home energy assistance program, Medicaid, or many other services such as mortgage assistance.

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