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Social Security Recipients Are Gaining Over $100 More per Month

By Elizabeth Sheer of Cheapism | Slide 2 of 14: Higher prices for housing, cars, food, and other consumer goods mean social security recipients are seeing a higher cost-of-living adjustment. After rising 5.9% for 2022, retirees can expect an 8.7% increase in 2023, the Social Security Administration said, making it the biggest jump since 1981. For the average beneficiary, the increase adds an estimated additional $146 a month to existing benefits. Related: Inflation Eases but Continues to Hit Consumers' Budgets

Factor in Inflation

Higher prices for housing, cars, food, and other consumer goods mean social security recipients are seeing a higher cost-of-living adjustment. After rising 5.9% for 2022, retirees can expect an 8.7% increase in 2023, the Social Security Administration said, making it the biggest jump since 1981. For the average beneficiary, the increase adds an estimated additional $146 a month to existing benefits. 

Related: Inflation Eases but Continues to Hit Consumers' Budgets

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