The White House on Wednesday predicted that people receiving Social Security payments will see a $140 per month increase when the Social Security Administration is slated to announce a cost of living adjustment (COLA) on Thursday.
“Tomorrow, seniors and other Americans on Social Security are will learn precisely how much their monthly checks will increase—but experts forecast it will be $140 per month, on average, starting in January. For the first time in over a decade, seniors’ Medicare premiums will decrease even as their Social Security checks increase,” White House press secretary Karine Jean-Pierre said in a release.
Jean-Pierre stated an increase will allow Americans on Social Security to deal with decades-high inflation. The consumer price index, a key barometer for inflation, rose 8.3 percent year-over-year in August, according to the Labor Department….