Social Security Admin. Announces Benefits Will Jump By 8.7% Next Year

The Social Security Administration announced the largest cost of living adjustment in 40 years, with an 8.7% increase in benefits for 2023. This adjustment aims to help recipients cope with high inflation, providing an average increase of $140 per month.

What significant announcement did the Social Security Administration make recently?

• The largest cost of living adjustment in 40 years

• A new healthcare plan

• A decrease in benefits

• A new retirement age

By what percentage will Social Security benefits increase next year?

• 10.0%

• 8.7%

• 7.2%

• 5.5%

What is the purpose of the 8.7% increase in Social Security benefits?

• To encourage early retirement

• To reduce government spending

• To offset the effect of high inflation

• To increase taxes

How much more will the average American with Social Security benefits receive per month due to the increase?

• $140

• $120

• $100

• $160

When will the new Social Security benefits adjustment take effect?

• 2025

• 2024

• 2023

• 2022