Millions of Americans will see an increase in Social Security benefits
RAPID CITY, S.D. (KEVN) - In October, Congress announced the largest Social Security cost of living adjustment in 40 years. Nearly 70 million Americans will see an average of $140 added to their checks in 2023.
“Oh, it’s a great increase. It’s going to help people getting the food they need and that’s the biggest thing: that it’s going to help out those that need the extra money for food,” said Kenneth Michaelson, when asked his opinion on the extra money.
Virginia Hillius shared her worries about the increase. “It might be enough for some people, and it might not be for others, depending on if they own their own house or if they have to pay rent or payments on a house, it might not be enough.”
“No, I don’t think that Social Security could afford to give us a bigger increase. However, I would like to see the price of other things even out a little bit,” added Hannah Heath, another senior citizen who receives Social Security.
While this increase can help many people, some are worried about the impact it will have on future generations.
“I’m worried about the kids and grandkids. They’re going to have to end up paying for it in the long run and I know younger people don’t think they’ll ever get Social Security. So, I don’t think we want to bankrupt the system,” said John Burke, who uses the Canyon Lake Activities Center.
According to a report released by the Motley Fool, 85% of retired Americans have noticed the effects of rising inflation on their daily expenses and say it’s stretching their budget. 72% of those retired Americans say they rely on Social Security either a lot or completely.
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