AARP welcomes the news that Americans will see a major increase in their monthly Social Security benefits.
Millions of Social Security recipients will get an 8.7% boost in benefits in 2023, a historic increase fueled by inflation, the Social Security Administration announced Thursday.
"Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors. Today's announcement of an 8.7% cost-of-living adjustment [COLA], or about an average of $145.00 more per month, will provide much needed relief to millions of Americans," AARP Chief Executive Officer Jo Ann Jenkins said in a statement.
"The guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans. The automatic adjustment is an essential part of Social Security that helps ensure the benefit does not erode over time due to rising prices."
Jenkins added that Congress needs "to work together in a bipartisan way to protect and strengthen Social Security for the long term."
"Millions of Americans work hard throughout their lives to earn their benefits, and Social Security is a promise that must not be broken," Jenkins said. "We urge leaders of both parties to work together to protect Social Security for years to come. The stakes are too high for anything less."
The Associated Press contributed to this story.
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