By Ranjeet
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The Social Security benefit COLA of 8.7 percent will deliver an unprecedented increase in value. Could the price rise reach $200?
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The average monthly benefit for Social Security claimants in October was $1,676.53.
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When the Social Security Administration implements the 2023 Cost-of-living adjustment next year, that amount may rise by $146 to $1,822 per month.
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This boost falls short of the $200 some retirees had hoped for, as many seniors on fixed income struggle to keep up with inflation.
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All recipients of Social Security payments, including spouses, children, and survivors of dead workers, will experience an 8.7 percent boost.
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The same is true for recipients of Social Security Disability Insurance and Supplemental Security Income.
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Retired employees who receive Social Security benefits are by far the recipients who will enjoy the greatest rise in their benefit amount when the 2023 COLA is implemented.
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This is unsurprising given that retired workers receive the most benefits to begin with.
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Similarly, handicapped employees who qualify for Disability Insurance would enjoy the second-largest boost, with an estimated $119 rise.
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Ramsey Alwin, President of the National Council on Aging (NCOA), drew attention to the problems that many seniors confront, adding that "those age 65+ are the only demographic for whose poverty rose last year."
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according to the United States Census Bureau "While this is a positive move, Alwin feels that many elderly,
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Those of colour and women, in particular, are likely to struggle to keep up with housing and healthcare expenditures.
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