SOCIAL SECURITY RECIPIENTS EXPECTED TO GET BIG BENEFIT BOOST

Social Security recipients expected to get big benefit boost

WASHINGTON (AP) — Millions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year. The increase will be announced Thursday morning. It’s expected to be the highest in 40 years, fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services. How well it does that depends on inflation next year. The boost in benefits takes effect in 2023. It will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits.

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