Social Security recipients will receive an 8.7% boost in benefits in 2023, the largest increase in 40 years, despite historically high inflation.
The modification was disclosed on Thursday by the Social Security Administration. Starting in January, benefits will increase by an average of more than $140 a month.
The average monthly Social Security income for retirees will rise by $146 to $1,827 in 2023 from $1,681 in 2022.
A nonpartisan senior organization called the Senior Citizens League predicted last month that the COLA may be 8.7% in 2019.
The verified 8.7% increase in benefits surpasses the 5.9% increase that beneficiaries experienced in 2022, which was the largest increase in four decades at the time.
This might be time for the need for an equity release, which is simply a way of unlocking the value you’ve built up in your home, taken as a lump sum or monthly income.
Money gotten through equity release is all tax-free and can be spent in a variety of ways. So, whether it’s repaying your existing mortgage, supporting your loved ones when they need it most or simply boosting your retirement finances, Equity Release could help you live the later life you want.
