Why the Social Security Administration Needs More Money
Social Security recipients might not be the only ones receiving more money in 2023. An 8.7 percent cost-of-living adjustment (COLA) should put an extra $146 per month — or $1,827 per year — into the hands of the average retiree.
And the Social Security Administration (SSA) is hoping for a boost of its own next year. According to Think Advisor, the SSA is asking Congress to pass President Biden’s proposed fiscal 2023 budget, which would direct about $14.8 billion to the agency, an increase from its $13.3 billion budget for fiscal 2022.
Acting Social Security Commissioner Kilolo Kijakazi says the SSA is currently operating with one of its lowest levels of staffing on record, all the while facing significant backlogs and challenges, especially when it comes to the review and approval of Social Security disability claims. She states that increased funding would help cut backlogs and continue key IT modernization work.
Calling Social Security “the bedrock of many Americans’ retirement security,” Kijakazi says government must “act soon to ensure the program lasts for generations to come.”
The Seniors Trust is committed to helping protect Social Security. We are strong proponents of The Social Security Expansion Act. When enacted by Congress, this landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, establish a fair annual COLA, increase minimum benefits, and ensure the long-term solvency of the Social Security program.
