Social Security benefits could give retirees an additional $1,800 next year

Greater inflation-driven control of Social Security and, yes, hope for some relief from the headaches caused by high prescription drug costs is on the horizon. And for many retirees, the cutbacks can’t come fast enough.

Inflation is unforgiving for lower-income consumers, including millions of retirees, who have little or not much savings to tap as the costs of gas, groceries and rent mount.

However, thanks to rising inflation, those who receive Social Security benefits can look forward to a Social Security benefit that is about 8% to 9% higher by 2023, based on early estimates.

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