Social Security benefits increase 8.7% next year

WASHINGTON — Millions of Social Security beneficiaries will benefit from 8.7% in 2023. This is a historical increase, but some will be consumed by rising costs of daily living. Over 40 years – meaning the average beneficiary will receive an additional $140 or more a month starting in January, the Social Security Administration said Thursday. .It “doesn’t help much,” said Shirley Parker, 85, of Chatham. Chicago’s South Side, home maintenance and high food prices are sharply cutting her budget. “The food is nonsense. I came out with $50 in a bag of groceries and there were about 10 missing,” she said. COLA was established to help seniors and other beneficiaries manage higher cost food, fuel and other goods and services. Inflation is moving forward. Inflation is accelerating anew, according to a separate government report on Thursday. The CPI rose 0.4% in September from 0.1% in August and has risen 8.2% in the past 12 months. Unemployment claims against unemployment benefits have increased for a week. The stock market started lower on inflation news, but recovered at noon. The Social Security Administration says starting in January, the projected monthly Social Security benefits for all retirees will be $1,827. The increase in Social Security benefits will be combined with a 3% drop in Medicare Part B premiums, which means retirees will be fully affected by the Social Security increase.” This year’s significant Social Security Cost of Living Adjustment Social Security’s Acting Commissioner Kilolo Kijakazi “It’s the first time in a decade that Medicare premiums are not going up, and it shows we can provide more support to older Americans who depend on the benefits they get,” the AARP said. “It will provide the relief we need.” He said the annual cost of living increase is “more important than ever because high inflation remains a problem for older Americans.” Just weeks before the midterm elections, Democrats and Republicans This is a time of debate about high prices now and how best to support the program financially in the future. President Joe Biden has promised to protect both Social Security and Medicare. He said last month that he “will make it stronger.” no see. And we will lower costs to keep them going.” Thursday’s announcement said the “no reason to celebrate” benefit won’t help all recipients catch up to the effects of inflation, especially in 2023. More so if price hikes continue. There are already signs that medical inflation will peak next year,” Arnone said. She said 8.7% was “very stingy.” “But that appreciation is sometimes too much for the system. It covers or replaces the feeling of anger at paying for a long time and still struggling to survive.” About 70 million people, including retirees, people with disabilities and children, receive Social Security benefits, which will be the biggest benefit ever seen by Baby Boomers born between 1946 and 1964. COLA is the last more The high was 11.2% in 1981. Willie Clark, 65, of Waukegan, Illinois, said her budget was “really tight” and could afford more Social Security disability benefits. However, it is doubtful how much money the remaining money will fit in your pocket, as rents for apartment buildings subsidized by the U.S. Department of Housing and Urban Development are income-based, so incomes are expected to rise as well. is funded by payroll taxes collected from workers and employers. The maximum amount of income subject to Social Security payroll tax in 2023 is $160,200. The funding setup dates back to the 1930s. This funding setup means that payroll tax is payable to the average American. It dates back to the 1930s, with the idea of ​​President Franklin D. Roosevelt, who believed it would develop a sense of ownership to protect himself among the It could put additional pressure on the system: trust funds will not be able to pay out full benefits from 2035, according to the annual Social Security and Medicare Management Board report released in June. Medicare will be able to pay a share of its planned total benefits once the funds are exhausted. You can pay 90% In January, a Pew Research Center poll found that 57% of American adults said that “taking action to make the Social Security system financially sound” is a top priority. And for Congress to speak this year, Social Security has gained bipartisan support, with 56% of Democrats and Republicans 58% of them called it a top priority. An extremely partisan parliament. House Speaker Nancy Pelosi, Thursday’s COLA announcement reminds us that “extreme MAGA Republicans are cutting benefits for seniors and raising costs, including threatening economic catastrophe by holding debt ceilings hostage for their detrimental agenda.” We are publicly planning new plans to do this.” Earlier this year, Senator Rick Scott, R-Fla. announced a detailed plan requiring Congress to make a proposal to adequately fund Social S. Security and Medicare or potentially phase-out. Senate Minority Leader Mitch McConnell, R-Ky. openly condemned the plan, and Biden used Scott’s proposal as a political baton against Republicans ahead of the midterm elections. Seniors will pay more for their prescription drugs, and Social Security benefits will never be safe, Jean-Pierre said.___Claire Savage of Chicago and Hannah Schoenbaum of Raleigh, North Carolina, wrote the report. Inflation range: https://apnews.com/hub/inflation
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