As the economy continues to grapple with record-high inflation, the Social Security Administration has announced beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The changes to Social Security and Supplemental Security Income benefits affect around 70 million Americans.
This increase follows the 5.9% increase beneficiaries saw in 2022. On average, Social Security benefits will increase by more than $140 per month.
The news comes as the Bureau of Labor Statistics has announced the Consumer Price Index increased 0.4% for the month of September, as inflation continues to pressure the economy. Over the last 12 months, inflation increased 8.2%.
Social Security beneficiaries can expect to see the increased payments in January 2023, while SSI beneficiaries can expect theirs to begin on December 30.