Social Security checks could jump 8.6%, biggest hike since 1981, expert says
CBSN
Seniors and other people who rely on Social Security benefits could next year see their biggest cost-of-living adjustment since 1981, with an advocacy group for older Americans forecasting an 8.6% hike.
The typical monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $142.60 per month in early 2023, bringing the average check to about $1,800, according to a new forecast from the Senior Citizens League.
That projection is based on the most recent U.S. inflation numbers, including the government's release on Wednesday of Consumer Price Index data for April, said Mary Johnson, Social Security and Medicare policy analyst for the group. The CPI, a broad basket of goods and services, rose 8.3% in April from a year ago, down slightly from an 8.5% annual increase in March.
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