Social Security monthly payment increases the largest in 40 years

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EVANSVILLE, Ind. (WFIE) – Social Security recipients can expect an unusually large increase in their monthly payments.

The Social Security Administration adjusted the cost of living by 8.7%. This is the largest increase in forty years and administration officials said it was to help fight inflation.

Charo Boyd of the Indiana Social Security Administration told 14 News the boost will start finding its way into people’s pockets next July.

His colleague Jack Myers said the increase was implemented to ensure that people who cannot work and rely on these checks will not be deducted from their own expenses.

“He’s there to make sure inflation doesn’t erode [beneficiaries’] purchasing power,” he said.

He said the 8.7% figure came from the Bureau of Labor Statistics.

Each month, the Bureau releases its Consumer Price Index for Urban and Clerical Employees or CPI-W.

The Social Security Administration uses these numbers each year to set benefits.

“This third quarter 2021 average CPI-W increased 8.7% in the third quarter of 2022,” Myers said.

He said it’s important to keep in mind that these increases are general.

“You don’t need to start collecting your benefits now to get this cost-of-living adjustment,” he explained.

This means that regardless of when you start or have started collecting, your monthly payments will be adjusted 8.7% more than they would have been last year.

Boyd encourages you to go to the administration website and check your account to see exactly what your payments are.

You can do it on ssa.gov/myaccount.

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Elaine R. Knight