Benefits for social security recipients will increase by nearly nine percent next year which is the largest hike since 1981. Director of Advocacy at Louisiana AARP, Andrew Muhl, says the average retired worker benefit for a person in Louisiana is around $1400 a month…
“At eight point seven percent increase would be $125 per month more for them so that’s about 15 hundred annually,” Muhl said.
The higher-than-normal cost of living adjustment is needed so seniors do not lose their purchasing power with record inflation taking place.
This will be the biggest increase that baby boomers have ever seen.
“In Louisiana, around 44 percent of individuals 65 and older live in families that rely on this program for at least half of their income,” Muhl said.
Around 70 million people, including retirees, children, and disabled people, receive Social Security benefits
Muhl says the average increase for disabled workers will be around $106 more per month or $1275 more a year.
And he points out that Medicare Part B premiums are dropping.
“So this is great news for seniors and all of this goes into effect in January 2023,” Muhl said.
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