Social Security could increase by 10.5% in 2023, says estimate

Updated: Jul 16, 2022 / 10:14 AM CDT

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(NewsNation) — With inflation at a 40-year high, there may be one small bright spot for millions of Americans in the form of a massive increase in Social Security payments.

Social Security beneficiaries could see a 10.5% increase in their payments in 2023, driven by rising inflation, according to a new estimate.

That means the average monthly retiree benefit, which is currently $1,668, will increase by about $175, according to The Senior Citizens League, an advocacy group that released the projection Wednesday.

However, the downside is that it still may not be enough to cover seniors’ costs if price hikes aren’t tamed in the coming months.

Higher-income individuals may have to pay more for Medicare Part B premiums, which are typically deducted from Social Security checks and they’ve increased each year since 2015. In 2022, those premiums increased 14.5% to bring the standard monthly premium to $170.10 per month.

Meanwhile, the more money given to Social Security beneficiaries the faster the program’s trust funds will get depleted. At its current level, Social Security won’t be able to pay full benefits by 2035 if Congress doesn’t act.