![]() ![]() In January, a Pew Research Center poll showed 57% of U.S. Medicare will be able to pay 90% of total scheduled benefits if the fund is depleted. If the trust fund is depleted, the government will be able to pay only 80% of scheduled benefits, the report said. The annual Social Security and Medicare trustees report released in June says the program’s trust fund will be unable to pay full benefits beginning in 2035. Next year’s higher payout, without an accompanying increase in Social Security contributions, could put additional pressure on a system that’s facing a severe shortfall in coming years. Roosevelt, who believed a payroll tax would foster among average Americans a sense of ownership that would protect the program from political interference. The financing setup dates to the 1930s, the brainchild of President Franklin D. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. Social Security is financed by payroll taxes collected from workers and their employers. Department of Housing and Urban Development is based on his income, so he expects that will rise, too. His rent in an apartment building subsidized by the U.S. Still, he doubts how much of the extra money will end up in his pocket. Willie Clark, 65, of Waukegan, Illinois, says his budget is “real tight” and the increase in his Social Security disability benefits could give him some breathing room to cover household expenses he’s been holding off on. “For the first time in 10 years, their Social Security checks will go up while their Medicare premiums go down.” “Seniors are gonna get ahead of inflation next year,” Biden said. President Joe Biden on Thursday afternoon echoed the sentiment that the Medicare premium reduction would have some impact on retirees’ wallets. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” said the Social Security Administration’s acting commissioner, Kilolo Kijakazi. ![]() ![]() The boost in Social Security benefits will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the Social Security increase. The Social Security Administration said the estimated average monthly Social Security benefit for all retired workers will be $1,827 starting in January, according to an agency fact sheet. Jobless claims for unemployment benefits rose for the week. The Consumer Price Index rose 0.4% for September after just 0.1% in August and is up 8.2% for the past 12 months. I come out with a bag full of groceries - $50 - don’t have about 10 items,” she said.Ī separate government report Thursday showed inflation newly accelerating. Home maintenance costs and high grocery prices are cutting steeply into her budget. It’s “not much help,” said 85-year-old Shirley Parker, who lives in Chatham on Chicago’s South Side, While Social Security recipients welcomed the benefit increase, many said it wasn’t enough to cover the impact of inflation. The cost-of living adjustment - the largest in more than 40 years - means the average recipient will receive more than $140 extra a month beginning in January, the Social Security Administration said Thursday. WASHINGTON (AP) - Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living. ![]()
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