SYRACUSE, N.Y. (NCC News) – Inflation has been at a 40 year high and is out pacing the dollar. However relief made its way to some Americans today. The Social Security Administration announced today that beneficiaries will receive a 8.7% boost in 2023.
Judy McEnany is a retired senior citizen who thinks they need it most. Even after retiring from teaching, she is still pulling double duty. She’s a house mom of Alpha Xi delta at Syracuse University and buys real estate.
“I make the houses beautiful, I remodel it all,” McEnany said “I have a special team I work with.”
Buying a house and giving it a new look keeps her brain going, and keeps money in the bank. The houses she rents out help keep her afloat because the social security just isn’t enough.
“Either you have a side hustle, or you have won the lottery or you have saved a considerable amount of money,” McEnany said “Just to be able to live.”
She lives her life not by what she gets, but what she gives. While social security might not help her very much financially, she takes what she gets and turns it into a richer reality. She gives back to her community by boosting the neighborhoods.
70 million Americans are getting this boost. They will receive an additional $144, meaning recipients will receive upwards $1,800 a month. To add to the boost, there will be a 3% decrease in Medicare.
However Eric Kingson, a Professor of social work at Syracuse University, says the extra money is much needed, but this shouldn’t be celebrated.
“This is not a benefit increase,” kingston said “The 8.7 percent is simply a catch up”
The aim of the bump is to keep recipients from losing their purchasing power due the record inflation. This is in hope they can continue paying for food, clothes, rent, and medical bills even amidst the high prices.
“It’s a vehicle enabling people to protect themselves, their family and others. It does things that we can’t do by ourselves,” Kingson says “The American people should know that this is their system they need to protect it for them but also for their kids and also for the whole community called our nation.”
The recipients will see the money in the bank in January.