10-12-22 social security benefits increase

Social Security benefits again could see their highest increase in several decades. But those advocating for beneficiaries say there’s still plenty of concern about financial hardships, as well as politics surrounding the program. The latest forecast indicates 2023 benefits will increase by around 9% when the decision is announced in October. Jon Bauman, of the group Social Security Works, says while the higher adjustment helps buffer recent inflation woes, it still might not be enough for many older Americans.  His group supports a bill in Congress that would boost the Social Security tax cap in order to extend the program’s solvency. It also would expand benefits. Some Republicans, including Wisconsin’s Ron Johnson recently argued he prefers switching Social Security to discretionary spending to allow for greater financial oversight. Opponents of that approach, including Janet Zander of the Wisconsin Aging Advocacy Network, say all it does is create more uncertainty for people who have earned the benefit. More than 20-percent of Wisconsin’s population currently receives these payments, and Zander says many people in this region can’t lean on other retirement options the way they used to.  And while the program faces some funding challenges, Bauman hopes people avoid misinformation being shared amid political debates about what to do with Social Security.