President Joe Biden on Thursday afternoon echoed the sentiment that the Medicare premium reduction would have some impact on retirees’ wallets. “This year’s 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,” said the Social Security Administration’s acting commissioner, Kilolo Kijakazi. Jobless claims for unemployment benefits rose for the week. The Consumer Price Index rose 0.4% for September after just 0.1% in August and is up 8.2% for the past 12 months. I come out with a bag full of groceries - $50 - don’t have about 10 items,” she said.Ī separate government report Thursday showed inflation newly accelerating. Home maintenance costs and high grocery prices are cutting steeply into her budget. It’s “not much help,” said 85-year-old Shirley Parker, who lives in Chatham on Chicago’s South Side, While Social Security recipients welcomed the benefit increase, many said it wasn’t enough to cover the impact of inflation. The cost-of living adjustment - the largest in more than 40 years - means the average recipient will receive more than $140 extra a month beginning in January, the Social Security Administration said Thursday. WASHINGTON (AP) - Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living.
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