Social Security raised to 40-year high, still 'drop in the bucket'
Thursday, the
"Even though this 8.7% increase equates to about
Now, the maximum amount of earnings subject to the
Inflation tends to come in cycles, he said. This cycle, inflation is costing the average American family an additional
"The problem this creates is that it limits your ability to navigate this inflation," he said.
In the last 12 months, food prices have increased 11%, housing 8%, clothing 5.5%, gas 18.2% and natural gas is up by 33%. Energy companies are sending warnings to customers that prices will skyrocket this winter. In
"It's good, but it's kind of a drop in the bucket of what's needed," he said.
Additionally, Acting commissioner Kilolo Kijakazi said medicare premiums will fall while the benefits increase in 2023. The
Starting in 2023, the standard monthly premium for Medicare Part B enrollees will be
"This year's substantial
Grywacheski said those on a fixed income are typically hit harder by inflation. Lowering the medicare costs is an assist many need right now.
"Health care costs are a significant expense of the average American household, and even more so for the elderly," he said. "If those costs go down, that's a benefit to everyone."
Beneficiaries will be notified by mail beginning in early December about their new benefit amount or it can be found online at www.ssa.gov/myaccount.
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