Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981
The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023. The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year. “Will the COLA be enough to keep up with inflation? It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group.
The league saw a spike in emails from seniors who said they were struggling to afford food, housing and other necessities starting in the summer of 2021, Johnson said. Some said they were down to one meal a day or were being evicted from their homes. ‘Insignificant’ increase Though he is happy to get the annual adjustment, Richard Moore sees it as “insignificant” since the cost of food, home heating oil and other necessities have shot up.
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