Extra $2,400 a Year For Social Security Recipients
Recently, a bill is introduced to Congress.
If the bill passes, the social security recipients will get an extra $200 monthly benefits.
They will get $2400 a year in 2023 if the bill wins the house.
This bill is introduced because inflation is soaring. And the current social security checks are not adjustable to current inflation.
This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021.
But this year inflation pushed above 8%. It means Social Security recipients are actually losing money.
If the bill passes Congress, a $200 increase would represent a 12% boost.