Largest boost in decades expected for Social Security benefits
(KYMA, KECY/ AP News) - Millions of Social Security recipients will learn soon just how high a boost they’ll get in their benefits next year.
The increase to be announced Thursday is expected to be the largest in 40 years, fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services.
How well it does that depends on inflation next year.
The boost in benefits will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in social security benefits.
The announcement comes just weeks before the midterm elections, and at a time when Democrats and Republicans are sparring about high prices now and how best to shore up the program financially in the future.
About 70 million people receive Social Security benefits and this will be the biggest increase in benefits that Baby Boomers have ever seen.
