The Social Security Administration will announce on the 13th the cost of living adjustment (COLA) for Social Security benefits in 2023, which is expected to increase by 9%, the largest increase in 40 years; the beneficiaries of the COLA adjustment are not only retired seniors, but also 4 million children. and other beneficiaries of Social Security benefits.
Cassandra Gentry, a 70-year-old woman in Washington, is looking forward to a big increase in Social Security benefits after the COLA increase, not only for herself, but also for the two grandchildren she cares for. In the apartment building where the grandparents live, there are 50 families where grandparents look after their grandchildren. Zhan Chui said that she now lives on social security funds, and she also relies on social security funds to take care of her grandchildren.
Adjusting Social Security’s COLA has far-reaching implications, especially for low-income groups like Zhan Chui; rising inflation hits older people more than any other age group in all respects.
Lower Medicare Plan B premiums next year and higher COLAs will benefit 70 million Social Security recipients, including a growing number of seniors caring for grandchildren; the census shows about 2020 2.4 million grandparents look after grandchildren.
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