{"id":1691206,"date":"2022-10-15T20:36:11","date_gmt":"2022-10-16T00:36:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1691206"},"modified":"2022-10-15T20:36:18","modified_gmt":"2022-10-16T00:36:18","slug":"social-security-announces-biggest-payment-hike-in-40-years-due-to-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-announces-biggest-payment-hike-in-40-years-due-to-inflation\/","title":{"rendered":"Social Security Announces Biggest Payment Hike in 40 Years Due to Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsocial-security-announces-biggest-payment-hike-in-40-years-due-to-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1691206&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-social-security\">Social Security<\/a> benefits will increase by 8.7 percent in 2023, the biggest boost in 40 years, the Social Security Administration\u00a0<a href=\"https:\/\/www.ssa.gov\/news\/press\/releases\/2022\/#10-2022-2\">announced<\/a>\u00a0on Oct. 13.<\/p>\n<p>The cost-of-living (COLA)\u00a0adjustment will bolster retirees\u2019 monthly payments by an average of more than $140 per month.<\/p>\n<p>\u201cThe 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023,\u201d the Social Security Administration (SSA) stated.<\/p>\n<p>In addition, \u201cincreased payments to more than 7 million [Supplemental Security Income] beneficiaries will begin on December 30, 2022,\u201d it said, noting that some people receive both Social Security and\u00a0Supplemental Security Income.<\/p>\n<p>The increase,\u00a0amid surging inflation, tops this year\u2019s 5.9 percent adjustment, which at the time was the highest in decades. It\u2019s the biggest jump since the SSA in 1981 announced an 11.2 percent increase, which had followed a 14.3 percent boost in 1980, data shows.<\/p>\n<p>\u201cMedicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,\u201d Social Security Administration Acting Commissioner Kilolo Kijakazi said in a statement. \u201cThis year\u2019s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.\u201d<\/p>\n<p>The agency announces its COLA increases every October and ties them to the release of Consumer Price Index data, a key metric for inflation. On Oct. 13, the\u00a0Department of Labor\u2019s Bureau of Labor Statistics released the data for September, showing the CPI was up 8.2 percent year-over-year.<\/p>\n<p> How Much? <\/p>\n<p>The average monthly Social Security retirement benefit payment should increase to about $1,827 from about $1,681, according to\u00a0the American Association of Retired Persons (AARP),\u00a0an interest group that focuses on issues affecting people over the age of 50.<\/p>\n<p>The adjustment will raise the average retirement benefit by exactly\u00a0$144.10 to\u00a0$1,656, Senior Citizens League policy analyst Mary Johnson <a href=\"https:\/\/www.barrons.com\/articles\/social-security-cola-increase-51665590033\">told<\/a> Barrons.<\/p>\n<p> <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/09\/13\/GettyImages-1242677105.jpg\"><\/a> People shop at a supermarket in Montebello, Calif., on Aug. 23, 2022. U.S. shoppers are facing increasingly high prices on everyday goods and services as inflation continues to surge with high prices for groceries, gasoline, and housing. (Frederic J. Brown\/AFP\/Getty Images) <\/p>\n<p>\u201cWill the COLA be enough to keep up with inflation? It\u2019s too early to say,\u201d she <a href=\"https:\/\/www.cnn.com\/2022\/10\/13\/business\/money\/social-security-cost-of-living-adjustment-cola-increase\/index.html\">told<\/a> CNN, referring to whether price pressures will persist throughout 2023. \u201cIt depends on what inflation is going to do from October onward.\u201d<\/p>\n<p>AARP Chief Executive Jo Ann Jenkins said in a statement that the\u00a0\u201cguaranteed benefits provided by Social Security \u2026\u00a0are more crucial than ever, as high inflation remains a problem for older Americans.\u201d<\/p>\n<p>\u201cThe automatic adjustment is an essential part of Social Security that helps ensure the benefit does not erode over time due to rising prices,\u201d she\u00a0<a href=\"https:\/\/www.aarp.org\/retirement\/social-security\/info-2022\/cola-set-for-2023.html\">added<\/a>.<\/p>\n<p>Jenkins said that Congress needs to work to \u201cprotect and strengthen Social Security for the long term,\u201d adding that \u201cmillions of Americans work hard throughout their lives to earn their benefits, and Social Security is a promise that must<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Social Security benefits will increase by 8.7 percent in 2023, the biggest boost in 40 years, the Social Security Administration\u00a0announced\u00a0on Oct. 13. The cost-of-living (COLA)\u00a0adjustment will bolster retirees\u2019 monthly payments by an average of more than $140 per month. \u201cThe 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million &hellip;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1691206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1691206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1691206"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1691206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1691206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1691206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1691206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}