Social Security Recipients Should See a Big Benefits Boost Next Year

This year’s record high inflation will likely mean Social Security recipients will see their biggest benefits boost in 40 years. According to an article by OregonLive.com, the cost-of-living-adjustment (COLA) for 2023 is expected to be about 10.5 percent. This will be the first time since 1982 that COLA has hit double digits. Although the official COLA increase will not be announced until October, if nothing changes recipients should expect to receive a $175 per month benefits boost on average.

That’s great, but what will really help struggling seniors is for Congress to pass the Social Security Expansion Act. The bill would provide anyone who is at least 62 years old in 2023 and a Social Security recipient an extra $200 per month. The Seniors Trust is a strong supporter of this landmark legislation.