The monthly Social Security check for retirees could increase by $175 next year. What is the inflation rate for that amount?

Next year, Social Security recipients may see their checks increase by the largest amount in decades.

However, many retirees won't be protected from sharp price increases by the bump in their annual cost-of-living adjustment, experts say.

According to Nancy Altman, president of Social Security Works, the formula used to calculate 

The adjustment does not take into account the specific expenses seniors face

Especially rising medical costs. Furthermore, the underlying benefits are inadequate.

Social Security recipients could receive a certain amount of money

A recent analysis by The Senior Citizens League, a nonpartisan senior group, suggests retirees' monthly

Benefits could rise 10.5% in 2023. In other words, the average payment of $1,668 would increase by $175.10.

According to the nonprofit Committee for a Responsible Federal Budget, the benefit bump for 

Seniors could reach 11.4% if inflation continues. For now, these are just estimates.

It will depend on how fast prices rise in the coming months to determine how much the hike will be.

Help with health insurance and prescription costs

It may still not be enough to recover your budget from inflation no matter what the COLA number is.

It is fortunate that struggling retirees have access to a number of resources. Here are a few examples.

Retirees' incomes can be adversely affected by high health insurance and prescription costs.

Those who qualify for the Medicare Savings Program might be able to receive assistance with 

their monthly premiums, said Caitlin Donovan, a spokesperson for the National Patient Advocate Foundation.

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