Inflation is having a significant impact in the great state of Texas, as you well know. Everything costs more for Texans, and the inflation rate for this year is predicted to be 15% higher than in 2021. (source)
Social Security and Supplemental Security Income (SSI) payments for around 70 million Americans will increase by 8.7 percent.
The average increase in Social Security payments will be $1,680, or about $140 a month for those who are already receiving benefits.
According to the SSA, the first installment of benefits, which may be worth as much as $4,194, will be given out within the next few weeks. This is in addition to the increases that will be implemented in 2023.
What really happens with this “cost of living” increase?
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Millions of people’s lives will be drastically improved by the new cost-of-living increase (COLA).
The objective of the cost-of-living adjustment (COLA) is to counteract the effects of inflation on Social Security and Supplemental Security Income (SSI) payments.
Benefits for eligible persons have increased by 8.7 percent this year due to inflation reaching record highs.
If you were to get Social Security benefits, how much would you expect to receive each month?
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