Social Security, Medicare, & Medicaid
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Social Security Trust Fund Balance: $2.852T
18 Oct 2022 |
Social Security recipients will receive their largest increase in four decades next year
In the face of soaring inflation, the Social Security Administration has announced that beneficiaries will receive an 8.7% cost of living increase in 2023—the largest adjustment since 1981’s 11.2% bump. This move comes on the heels of a 5.9% upward adjustment in 2022. On average, next year’s rate increase will amount to $146 more per month in recipients’ bank accounts. Additionally, Medicare Part B premiums, which are generally deducted from Social Security benefit payments, will be lowered next year from $170.10 to $164.90. Approximately 50 million Americans receive Social Security each month, with another ten million receiving disability payments and six million receiving survivor payments. The average payment for retired workers in 2022 is $1,670, while survivors average $1,328 per month. Per Social Security Administration figures, total income collected for the Social Security Trust Fund last year was $1.088 trillion, with $1.145 trillion going out in the form of payments—a $56 billion deficit. At the end of last year, the Fund had $2.852 trillion in asset reserves. In early 1968, President Lyndon Baines Johnson moved the Social Security Trust Fund “on-budget,” meaning it would be considered part of the unified budget of the United States. In 1990, under President George H.W. Bush, this action was reversed, moving the Fund back “off-budget.” To see income, outflow, and reserve levels of the Fund, readers can visit the Social Security Administration website. |