Social Security recipients could see a 10.5% increase in their payments next year, driven by the steep rise in inflation, according to a new estimate.
That would add about $175 to the average monthly retiree benefit, which is currently $1,668, according to The Senior Citizens League, an advocacy group that released the projection Wednesday. But it still may not be enough to cover seniors' costs if price hikes aren't tamed in coming months.
A separate estimate from the Committee for a Responsible Federal Budget, a watchdog group, found that if the current inflation trend continues, the adjustment would be 11.4%. If inflation remains at the June level, the increase would be 9%. Half of seniors said they had to spend emergency savings over the past year, according to a survey the league conducted between January and March. That compares with 36% in a survey done last year.
However, since then, Aduhelm's manufacturer has cut the price, and the Centers for Medicare and Medicaid Services limited coverage of the drug. The agency said it will factor the lower-than-forecast spending into the 2023 premium. Also, some experts are concerned that a large adjustment could drain Social Security's trust fund more quickly.
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