Social Security Checks To Notably Increase
Sonora, CA — High inflation has prompted the federal government to boost Social Security payments by 8.7% in 2023.
The Social Security Administration reports it is the highest percentage increase in 40 years. The average recipient will receive an extra $146 in their monthly check starting in January, bringing the average to $1,827. The administration cites rising inflation and the increasing cost of living as reasons for the “historic” increase.
In addition, there will be a 3% drop in Medicare B health insurance premiums.
The Bureau of Labor Statistics announced this morning that the Consumer Price Index increased 8.2% in September compared to the same time one year ago.
The additional payments will put more pressure on the Social Security System. An annual Social Security and Medicare trustees report released in June stated that the program’s trust fund will be unable to pay full benefits starting around 2035 based on current projections.
