With soaring inflation, Social Security could give seniors historic raise this week

With soaring inflation, Social Security could give seniors historic raise this week

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The Facts Inside Our Reporter’s Notebook The Social Security Administration will increase benefit payments this week to respond to rising inflation, analysts say.
The agency is expected to announce the scheduled benefits increase Thursday, and the Senior Citizens League has predicted that increase will be 8.7%, one of the largest hikes ever.
“Across the board, retired and disabled Social Security recipients spend a bigger portion of their incomes on healthcare costs, housing, and food and less on gasoline,” said Mary Johnson, Social Security and Medicare policy analyst for the Senior Citizens League. “Over the past 12 months, they rank food...
Source: https://justthenews.com/nation/states/center-square/financial-drowning-social-security-could-give-seniors-historic-raise?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators