Many Social Security recipients worry whether the biggest cost-of-living increase in four decades will be enough to cover their needs. socialsecurity kprc2 click2houston us
The Social Security Administration announced Thursday that Social Security benefits will rise 8.7% in 2023. That amounts to about $140 a month on average.
Steingaszner lost her husband last year, and she’s had to balance her checkbook carefully with the loss of his income.. “This increase — it helps. But it don’t help a lot,” Leonard said. He plans to put the COLA increase toward his utility and phone bills. The side jobs and the Social Security payments aren't enough to cover inflation or manage the crisis he experienced when his rent jumped from $750 to $950 this year. Leonard said he started working double to come up with the extra $200 each month, but he ended up in the hospital for four days when his blood sugar dropped.
“You know how you walk out and you would love to just ... to buy something new? To be able to, besides just looking at it? Yeah, it would mean a whole lot to me,” she said. “A lot.”Margaret Toman's house is still filled with the flower pots, paintings and bird statutes that her mother sprinkled throughout their shared dwelling before she passed away.
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