CHICOPEE, Mass (WWLP) – Since recently released consumer price index figures demonstrate that inflation continues to rise, some adjustments could be coming to Social Security beneficiaries.
Senior citizens with limited incomes have been hit hard by inflation. Many we spoke to found it hard to cover basic needs like heat and groceries, so this forthcoming adjustment was welcome news.
In fact, social security recipients are in line for a record high cost of living adjustment. Estimates from The Senior Citizens League say this increase, which is expected in 2023, could be as much as 10.5% which translates to roughly a $175.10 increase to the average monthly retirement benefit.
Elaine LeFrancois ofSouth Hadley told 22News, “From what I understand it’s going to be a significant amount. I’m sure we’ll all take anything that we can get. And, I just got a notice in the mail that my oil budget was going to increase $298 per month, which is double the price of what I’ve been paying. So, that increase would be really great to have now.”
While the actual cost of living increase is still tentative, you can find what the projected increase could mean for you Just multiply 10.5 % by your gross benefit amount.