CONGRESSMAN BENNIE THOMPSON ANNOUNCES 2023 COST-OF-LIVING ADJUSTMENT

WASHINGTON, Oct. 14 -- Rep. Bennie G. Thompson, D-Mississippi, issued the following statement on Oct. 13, 2022:

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"The Social Security Administration (SSA) announced its 2023 cost-of-living adjustment (COLA) today. With inflation rising, the COLA will help many Americans." The COLA is expected to be at least 8.7%, and this adjustment is described to be the largest since 1981. At least 70 million seniors or those who receive disability funds will benefit from this COLA. Many Americans are now struggling with food, home, and fuel purchases, and this COLA will reduce some of the economic strain some citizens are facing.

In the 2nd Congressional District of Mississippi, there are 162,145 Old-Age, Survivors, and Disability Insurance (OASDI) beneficiaries as of December 2021. With these statistics, it is evident that the social security program is vital to many.

According to the Social Security Administration, the average benefit is about $1,626 a month, and two-thirds of the elderly rely on Social Security for at least 75% of their income.

In addition, the Center on Budget and Policy Priorities found that 16.1 million who are 65 or older escape poverty because of their Social Security Benefits. "It is my goal to continue to report about vital legislation and initiatives that support both Mississippians and citizens throughout the United States."

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Original text here: https://benniethompson.house.gov/media/press-releases/congressman-bennie-thompson-announces-2023-cost-living-adjustment