MDASR • Media Review

“Social Security Benefits Increase Hits 41-Year Record. Here’s Everything You Need to Know”

CNET • October 13, 2022

On October 13, 2022, an article was on CNET, “Social Security Benefits Increase Hits 41-Year Record. Here’s Everything You Need to Know.” This article encompasses the new announcement from the Social Security Administration revealing that the 2023 cost-of-living adjustment has been made. All 2023 benefits will be 8.7%, this is the biggest increase since 1981, when it was 11.2%.

Senior Citizens League policy analyst Mary Johnson states “A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today.” The adjustment has only gone above 7% five times since 1975, making today’s announcement even more monumentus.

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Source: CNET • October 13, 2022, • “Social Security Benefits Increase Hits 41-Year Record. Here’s Everything You Need to Know” • Dan Avery