The Social Security Administration announced earlier this month that benefits are set to increase by 8.7%, the highest in 40 years as retirees face high inflation.
You can also calculate the payment increase yourself: To do so, simply multiply your current benefit amount by 0.087 to determine how much your monthly payment could increase. For instance, if you receive an average monthly payment of $1,567, you would multiply that by 0.087 to determine that your checks will increase by about $136 per month next year.
The higher payments come in response to the hottest inflation in four decades: Prices paid by U.S. consumers surged 8.2in September from the previous year, the Labor Department reported, despite an aggressive campaign by the Federal Reserve to cool inflation. In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC.The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, which jumped 8.5"A Social Security cost-of-living-adjustment of 8.7% is rare — enjoy it now," said Mary Johnson, a policy analyst at the Senior Citizens League.
The average monthly benefit would have to increase by $417.60 for retirees to maintain the same level of purchasing power as in 2000.
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