Social Security recipients struggling with higher inflation are likely to get a major boost in their monthly benefits starting next year.
, beneficiaries could receive as much as $159 extra per month in 2023, according to a new estimate from the Senior Citizens League, a nonprofit advocacy group.
Mary Johnson, policy analyst and editor at the Senior Citizens League, said she is currently projecting an annual adjustment of 9.6%, which would be the biggest boost to Social Security benefits since 1981. A 9.6% adjustment would compare with an increase of 5.9% last year, which equated to a monthly average earnings bump of $92.30.
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What the inflation report could mean for Social Security'Based on the latest numbers, analysts at the Senior Citizens’ League calculate that the next COLA for Social Security is likely to come in at 9.6%, equal to an extra $159 a month for a beneficiary on an average benefit of $1,656 per month.'
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