Social security recipients are set to see the most significant increase to their monthly payments since the 1980s, thanks entirely to the high inflation seen in Joe Biden’s economy.
This week the Social Security Administration adjusted the cost of living by 8.7% to match the soaring inflation rate in the United States.
That means Social Security recipients will see their biggest pay raise in 40 years. For some Americans, this may be the single biggest raise of their lifetimes.
Social Security payments have only been increased by a higher percentage once, during the Carter administration that was plagued by runaway inflation and an economic “malaise.”
In 1981, under Carter’s watch, Social Security payments increased by 11.2%, according to The Washington Times.
Keep this in mind when you see the propaganda press pushing the “highest social security payments ever.” It’s called a cost of living adjustment, and as anyone on a fixed income knows, cost of living has skyrocketed under Bidenflation. https://t.co/8oz9EnOJUa
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) October 13, 2022
Unfortunately, while some expected the higher payments to arrive as soon as January, reports have indicated that the higher payments may not start reaching recipients until July of 2023.
Social Security recipients do not need to do anything to receive the increase to their monthly payments, and will receive it automatically as the change makes its way through the Social Security Administration’s bureaucracy next year.
Some recipients may be concerned that Social Security payments generally increase in tandem with Medicare expenses will be reassured to know that Medicare plans are actually expected to decrease in spice, albeit by a small amount, in the coming year.
The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, and the deductible is set to be $226, reported the federal government. These numbers are down about $5.20 and $7 from 2022, respectively.
Social Security recipients – Americans who are older than 62, blind, or disabled – are generally among those most impacted by inflation and rapid raises in the cost of living, as they live on a fixed income, often with little ability to change their circumstances.
Seniors who dutifully saved money throughout their working years, for example, may be dismayed to know that the value of any cash savings is being devalued by inflation.