Social Security could see bump as inflation soars | marketrealtime.com


Social Security recipients whose checks haven’t kept pace with inflation this year could make up some ground in 2023.

The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.7% cost-of-living adjustment, or COLA, next year, according to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group.

That would be the largest increase since 1982.

For the average retiree who got a monthly check of $1,656 this year, the bump would mean an additional $144.10 a month in 2023, boosting the typical payment to $1,800, Johnson estimates.

“A boost by that much is certainly going to ease the (budget) squeeze” for seniors, she says.

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Median income flat

Median income for US households was flat in 2021 when adjusted for inflation, Census Bureau reports

The average American income was essentially flat last year at $70,784,  the U.S. Census Bureau said Tuesday.  

The inflation-adjusted median U.S. household income fell 0.6% from the 2020 estimate of $71,186 but the change was deemed “not statistically different” by the Census Bureau. 



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