SOCIAL SECURITY: With inflation forcing many seniors to cut back on food and medicine, annual cost-of-living hike will boost their income. onyourside alabamanewsnetwork
The increase means the average benefit check will rise more than $140 to $1,827 a month, compared with the typical monthly payment of $1,681 in 2022.
Social Security recipients saw record COLA hikes during that period because of searing inflation in the late 1970s and early 1980s. In 1981, seniors and other beneficiaries received an 11.2% hike. While the COLA will actually take effect with the December 2022 benefits, those payments will be made in January of next year. Your January 2023 check will be sent based on your birth date:
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