Schiff Gold | Oct. 17, 2022
Social Security recipients will be getting a big raise in 2023. That’s good news if you’re receiving benefits from the program, but not so great if you’re hoping inflation will abate any time soon.
The Social Security Administration recently announced an 8.7% cost of living adjustment (COLA) for next year. That goes on top of a substantial 5.9% COLA for 2022. The 2023 increase is the largest in 40 years.
The COLA will translate to an additional $140 per month for the average Social Security recipient.
The last time Social Security recipients got a bigger raise was in 1981 when the COLA was 11.2%.
The increase will add about $100 billion of spending per year. The Social Security Board of Trustees said the trust fund can pay full benefits through 2035. After that, the board projects the program will be able to pay 80% of benefits.
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