From News Nation:
“Social
Security could increase by 10.5% in 2023, says estimate”
With inflation
at a 40-year high, there may be one small bright spot for millions of Americans
in the form of a massive increase in Social Security payments. Social Security
beneficiaries could see a 10.5% increase in their payments in 2023, driven by
rising inflation, according to a new estimate. That means the average monthly
retiree benefit, which is currently $1,668, will increase by about $175,
according to The Senior Citizens League, an advocacy group that released the
projection Wednesday. However, the downside is that it still may not be enough
to cover seniors’ costs if price hikes aren’t tamed in the coming months.
Higher-income
individuals may have to pay more for Medicare Part B premiums, which are
typically deducted from Social Security checks and they’ve increased each year
since 2015. In 2022, those premiums increased 14.5% to bring the standard
monthly premium to $170.10 per month. Meanwhile, the more money given to Social
Security beneficiaries the faster the program’s trust funds will get depleted.
At its current level, Social Security won’t be able to pay full benefits by
2035 if Congress doesn’t act.
^ It’s a
double-edged sword. You get more money from the Federal Government and then the
Federal Government raises your rates on Medicare. ^
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