Social Security Report

Inflation Poised to Give Social Security Recipients Huge 2023 Boost

It’s what all people are talking about–inflation. It hurts, and those on fixed incomes bear the brutal reality that they have no way to augment their incomes. No extra shift to pick up. No overtime. Their checks are the same amount for 12 months. Yes, Social Security recipients got a 5.9% increase on January 1, 2022, but that was calculated using July-Sep 2021 data to offset the higher prices in 2021. What does 2023 portend? Erika Giovanetti of Fox Business gives readers a peek at what a January 2023 boost might be. Citing other sources, she says 7.6%. Of course a lot can and will happen between now and the mid October 2022 announcement of the next COLA. Read the full article here.

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