Social security benefits increase but will it make a difference amid inflation?
CHICAGO (WLS) -- Prices on just about everything is up 8.2% from this time last year, which has been difficult for many, including those on fixed incomes.
But there is some good news! People on social security will see more money in their pockets.
If you collect social security, get ready for a raise. Your benefits will be going up by almost 9%.
But is it enough and how much money could you really be getting?
Social Security recipients will get more money starting in January of 2023. If you receive Supplemental Security Income, your benefits increase in December. It's a 40-year record increase of 8.7%, averaging $140 a month.
This increase is desperately needed by some on fixed incomes, as inflation hits hard for people like Deborah Miles.
"We need more. I think we need 20% because that's not going to catch up with inflation," Miles said.
The ABC7 Data Team looked at the latest consumer price index, which rose to 8.2% in September, compared to a year ago.
"I went to the grocery store yesterday. I just had a few items [and] it was $93 and I had nothing," Miles said.
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As for gasoline, that has actually decreased by 5.2% in the last month, but increased by 18% over the last year.
"I think it will help me personally. It will help pay for my Medicare premiums that I have to pay," Barbara Feldman said when asked if she thinks the social security increase will help her.
As for those premiums, the federal government also points out that it's also time -- the first time in over a decade -- that Medicare premiums are not rising, which means the increase in social security benefits will have a greater impact day-to-day, dollar-for-dollar. In fact, federal health officials are reducing monthly premiums by 3% for 2023.
Social security spokespeople said the best way to see how much more money you will be getting is by signing up for a "My social security account" online by November 15.
