Record Inflation Could Cause Huge Bump In Social Security Payments

Social Security card, treasury check and 100 dollar bills. Concept of social security benefits payment, retirement and federal government benefits

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Come 2023, people who receive Social Security payments could see a 10.5 percent increase in their monthly amount, according to one advocacy group.

The Senior Citizens League, which reached the estimation by factoring in the current rate of inflation, says the increase would amount to about $175 for the average retiree. Currently, the average monthly benefit is $1,668, according to the Social Security Administration.

If the estimate is correct, it will mark the largest Social Security hike since the early 1980s, which is the last time retirees received a double-digit increase in their payments.

Check out more details on ABC 7.

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