Social Security recipients will see the biggest cost-of-living boost in 40 years

The country is still struggling with stubbornly high inflation. Among the groups most affected are older and retired Americans who rely on fixed incomes, including Social Security.  

But relief is on the way. Americans who receive Social Security payments are slated to receive an 8.7 percent cost-of-living adjustment starting January 2023, the biggest increase in benefits since 1981. The boost is tied to inflation and will average about $140 per month. MPR News host Angela Davis talks about the payment increase and the history and future of Social Security.  

For a better understanding of Social Security, Medicare and other benefits you can contact Minnesota’s Senior LinkAge Line at (800) 333-2433. If you’re nearing retirement or want to see what your payment benefits will look like, AARP can assist in helping you calculate your estimated Social Security benefits. “Get What’s Yours: The Secrets to Maxing Out Your Social Security” by Laurence J. Kotlikoff, Philip Moeller and Paul Solman is another source that can help you navigate Social Security.

Guests:

• Chris Farrell is senior economics contributor at Marketplace, American Public Media's nationally syndicated public radio business and economic programs. He’s also a senior economics contributor at MPR News.

• Joe Gaugler is a professor in the School of Public Health at the University of Minnesota where he holds the Robert L. Kane Endowed Chair in Long-Term Care & Aging and directs the Center for Healthy Aging and Innovation.

• Cathy McLeer is the state director for AARP Minnesota.

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