Most Social Security Beneficiaries Will Enjoy Their First True "Raise" in a Decade in 2023 -- Here's Why
Last month, close to 66 million benefit payments were doled out by the Social Security Administration. Approximately 48.5 million of these Social Security checks were directed at the retired workers for whom the program was designed to financially protect during their golden years.
According to national pollster Gallup, which has been surveying retired workers to determine their reliance on Social Security for the past two decades, roughly 9 out of 10 current retirees requires their Social Security income to cover their expenses. In other words, Social Security income, while not bountiful -- the average retired worker benefit check was $1,677.52 in November 2022 -- is nevertheless vital to the financial well-being of our nation's retirees.
In 2023, a majority of these retired workers are set to enjoy their first true "raise" in a decade.
Source Fool.com
