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Will Social Security increase be enough to handle inflation costs?

Social Security card
Posted at 8:29 PM, Oct 13, 2022
and last updated 2022-10-14 11:37:01-04

CORPUS CHRISTI, Texas — The United States Government announced Thursday that Social Security beneficiaries will be seeing a big bump in their monthly checks next year.

“With the cost of living so high, everything has gone up. Insurance, house insurance and all of that. It would help a lot,” Ramon Pumarejo said.

93-year-old Ramona Pumarejo is one of the more than 65 million people who will see an increased Social Security check beginning in January.

With an increase of 8.7 percent, the Social Security Administration said, on average, people will see $140 more a month.

“It really would help a lot if it was a little higher,” Pumarejo said.

The increase comes with the intent to help make up for inflation as prices haven’t shown any signs of coming down.

“It’s harder to do things, buy things, get around, gasoline and all that. It’s very hard,” she said.

This is the largest Social Security increase in 40 years. This year’s increase of 5.9 percent was the previous largest increase in that time.

Other beneficiaries said the money is nice, but more would be helpful. They declined an interview.

Pumarejo said she has a plan for that extra income.

“And, try to save a little money when you need something," said Pumarejo. "Something breaks down, dryer, washer, something, air condition. You can use that extra money if you save a little.”

Senior citizens will also see a decrease in Medicare Part B premiums in 2023, as well.

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