Seniors are struggling after a cost-of-living adjustment last year failed to keep up with surging inflation.
The typical monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $142.60 per month in early 2023, bringing the average check to about $1,800, according to a new forecast from the Senior Citizens League.
An 8.6% jump in monthly Social Security checks could provide some relief to millions of seniors struggling to keep pace with surging costs for everything from gas to groceries. The 69 million Americans who collect Social Security received— the biggest bump since 1982. But inflation has climbed well above that figure in 2022, eroding many seniors' purchasing power.
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