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EDITORIAL: Help coming for retirees

Posted 11/5/22

Area senior citizens will see a larger than normal cost-of-living adjustment in their Social Security retirement and disability benefits in 2023. The 8.7 percent increase comes at a critical time …

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EDITORIAL: Help coming for retirees

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Area senior citizens will see a larger than normal cost-of-living adjustment in their Social Security retirement and disability benefits in 2023. The 8.7 percent increase comes at a critical time with inflation soaring.

The cost-of-living adjustment is the largest that Social Security recipients have seen in more than 40 years. With the 8.7% boost, average checks will increase by an extra $140 a month beginning in January.

However, much of that extra income may be eaten up in part by the higher cost of everyday living. Inflation is still raging at a 40-year high, and the cost of everything from food and fuel to home heating and everyday household items has increased.

With the increase, the average monthly Social Security benefit for all retired workers will be $1,827 starting in January, according to the Associated Press. The boost in Social Security benefits will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the Social Security increase.

However, the question for some Social Security recipients is whether this increase will be enough to cover the impact of inflation.

Inflation accelerated in September, with consumer prices increasing another 6.6 percent from a year ago. That’s the most consumers have paid for everyday goods in 40 years. Food and energy costs, in particular, are proving to be volatile. Some worry a recession may be looming in 2023.

Times are tough right now. So any extra income that can be added to the wallets of retirees will certainly help.

About 70 million people — including retirees, disabled people and children — receive Social Security benefits.

Every extra dollar helps.

For senior citizens living on a fixed-income, the COLA increase will make a positive difference during the most difficult of times

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