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Big Hike In Senior Citizen’s Social Security Benefits Will Happen Sooner Than Expected

Big Hike In Senior Citizen's Social Security Benefits Will Happen Sooner Than Expected
Senior citizens and other Social Security recipients will start getting a heftier monthly benefit next month due to an 8.7% annual cost-of-living adjustment aimed at helping them cope with high inflation. (Photo: WLWT 5)

Senior Citizen’s Social Security Benefits Raise

Social Security recipients and Senior recipients will start to get a monthly big benefit next month due to the annual 8.7% cost-of-living adjustment that is aimed to help them manage the high inflation.

In more than 40 years, the largest increase will boost retirees’ payments monthly by more than up $140 and for 2023 it is estimated an average of $1,827.

The current adjustment is the highest the most recent beneficiaries have ever seen, it is because it was based on an inflation metric from back in August through October, which was also around 40-year highs. Inflation has cooled down since then, though the prices remain high.

A Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group names Mary Johnson said that she’s sure everyone is waiting anxiously because the prices are still high and just shopping for food to eat and feed people during the holidays is going to be a big challenge.

Big Hike In Senior Citizen's Social Security Benefits Will Happen Sooner Than Expected

Senior citizens and other Social Security recipients will start getting a heftier monthly benefit next month due to an 8.7% annual cost-of-living adjustment aimed at helping them cope with high inflation. (Photo: WLWT 5)

Senior Social Benefits To Get A Raise

According to a published post by WLWT 5, as many as 70 million people will get the increase, which follows 2022 an adjustment of 5.9%.

According to the Social Security Administration, a lot of senior citizens depend on Social Security. More than 42% of elderly women and 37% of elderly men depend on monthly payments for at least half of their income.

The payment will arrive depending on the recipients’ ages, birth dates, and other factors. Those people who received Social Security before May 1997 will get their monthly benefit on the 3rd of each month.

For more recent retirees, those whose birth dates are the 1st through the 10th of the month will receive it on the second Wednesday, while those born on the 11th to 20th and the 21st to 31st of the month are to be paid on the third and fourth Wednesdays, respectively.

 

READ ALSO: For Seniors With HECMs, FHA Announces Pandemic Support

 

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