*The United States Social Security Administration estimates the average Social Security payment to over 65 million retirement benefit recipients will increase by more than $140 per month, effective January next year

Isola Moses | 绿帽献妻

Seniors in the United States (US) will get some inflation relief in 2023 when monthly Social Security benefits will increase by 8.7 percent.

绿帽献妻 reports the US Social Security Administration estimates the average Social Security payment will increase by over $140 per month effective January 2023.

The administration officials also noted that the Cost of Living Adjustment (COLA) would benefit over 65 million Social Security retirement benefit recipients, as well as 7 million SSI beneficiaries in the American country.

The increase was calculated based on inflation data for July, August, and September this year, said the White House.

The Joe Biden Administration further stated that as an added benefit, Social Security recipients will not see an increase in the amount of money deducted from the monthly payment to cover medicare premiums.

Not only are premiums not going up in 2023, but they鈥檙e also falling by 3 percent, it said.

Kilolo Kijakazi, Acting Commissioner of the Social Security Administration, stated: 鈥淢edicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room.

鈥淭his year鈥檚 substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.鈥�

How recipients can calculate the new benefit

Kijakazi has released video to explain how to sign up for a ‘My Social Security’ account to calculate the amount of each individual鈥檚 new benefit.

According to the Acting Commissioner, those who don鈥檛 register for an account will be informed of their new benefit early December 2022, with the first increased benefit payment occurring January 2023.

Another way to determine the new benefit amount is to multiply the current monthly benefit by 1.087 percent.