Due to High Inflation, US Raises Social Security Retirement Benefits by the Largest Margin in 42 Years

[Asia Economy New York=Special Correspondent Joselgina] Amid record-high inflation, the U.S. government will increase Social Security benefits for retirees by the largest margin in 42 years. Starting January next year, the monthly amount per person is expected to increase by more than $140.

According to economic media CNBC and others, the U.S. Social Security Administration (SSA) announced on the 13th (local time) that it will raise the cost-of-living adjustment (COLA) for Social Security benefits paid to retirees by 8.7% starting next year. This increase rate is the largest since 1981 (11.2%). The increase rate in 2022 was 5.9%.

This reflects soaring inflation. The adjustment is calculated annually based on the Consumer Price Index (CPI) for urban wage earners and clerical workers.

Accordingly, the average Social Security benefit per person will increase from $1,681 in 2022 to $1,827 in 2023, a monthly increase of $146. The SSA stated that "this will help cope with the higher costs of goods and services due to rising inflation."

This content was produced with the assistance of AI translation services.