Social Security's cost of living adjustment for 2023 is expected to be around 9% or higher, the highest in 40 years. It will be announced Thursday morning.
By FATIMA HUSSEIN, Associated Press WASHINGTON — Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table.
People are also reading… It's not just old people who will gain. About 4 million children receive benefits, and an untold number of others also will be helped because they're being cared for by Social Security beneficiaries, sometimes their grandparents. But in many ways, inflation hits older Americans harder than the rest of the population. Medical costs are a big part of the burden.
Since the pandemic, Social Security has become even more important for children, as"COVID has taken a lot of parents," said Maya Rockeymoore Cummings, a nonresident senior fellow at Brookings Metro, which is part of the Brookings Institution, and the CEO of Global Policy Solutions, a social change strategy firm.
A study by Global Policy Solutions shows that African American children are in the greatest need of the added help from Social Security benefits.
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Social Security boost will help millions of kids, tooWASHINGTON (AP) — Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table.
Read more »
Social Security boost will help millions of kids, tooSeventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table. The three live in a Washington apartment building that houses 50 “grandfamilies” — where grandparents take care of children who do not have parents present. Gentry, who took in her grandkids to keep them in a safe environment, says the boost in benefits will help her make ends meet.
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Social Security boost will help millions of kids, tooSocial Security's cost of living adjustment for 2023 is expected to be around 9% or higher, the highest in 40 years. It will be announced Thursday morning.
Read more »