The Social Security Administration (SSA) announced the largest increase to the Social Security cost-of-living adjustment in over three decades due to high inflation. This would, on average, increase benefits by $140 per month for most beneficiaries, beginning in January of 2023. The release states that workers who claim Social Security at the full-retirement age, 65 years old, will now receive $56,520 per year, before income tax. The maximum amount of earnings subject to Social Security taxes will increase from $147,400 to $160,200. Social Security benefits are considered the “main source of income” by 57% of American retirees, per Gallup.

Source: Washington Post October 13, 2022 15:48 UTC