Social Security Benefits Go Up in January
UNDATED (WJON News) - It’s good news for over a million Minnesotans.
The Social Security Administration has announced an 8.7% boost in monthly benefits starting in January. The cost of living adjustment is the largest since 1981.
A-A-R-P State Director Cathy McLeer says the extra money comes at a critical time.
This is the largest cost of living adjustment in Social Security benefits since 1981. Nearly 1,070,000, Minnesotans will have that extra $146 in their pocket starting in January. As you know, the cost of everything is going up - from gas to groceries to medications. This is going to provide some much-needed relief for older Minnesotans who have really been struggling with the high inflation.
The increase comes after news that Medicare Part B premiums will drop three percent this year. About 70 million Americans receive Social Security benefits.
About Social Security in Minnesota:
- Over 1 million individuals receive benefits
- The average monthly benefit is $1600/month
- For over 1/3 of Minnesota residents aged 65 and older, Social Security accounts for half their monthly income.
- For over 14% of Minnesota residents aged 65 and older, Social Security accounts for 90% of their monthly income.