SALT LAKE CITY — The current inflation crisis is hitting most Utahns, including one of the state's most vulnerable populations — older Americans. But a new announcement from the federal government could help relieve some of that stress.
Early Friday, the government announced an 8.7 percent increase in Social Security benefits in 2023, one of the program's highest ever increases.
“I think it will help a lot of people live a little bit better,” said 82-year-old Mary Mahoney. “It’s a good part of my income , not total, but a good part of it. A raise in the social security will be advantageous to me, definitely.”
According to the Social Security Administration, the cost-of-living adjustment would add over $140 per month to the wallets of Americans. This year, a retired worker would make $1,681 each month; but that goes up to $1,827 next year.
“Individuals who live on a fixed income obviously have a lot of challenges,” said Afton January with Salt Lake County Aging and Adult services. “This increase in social security benefit, I think, is going to be a small, but very important impact.”
January added that for older adults in the Salt Lake City area, many rely solely on social security.
“A lot of individuals do the good fortune of being able to save for retirement and have a generous retirement package waiting for them. However, many individuals don’t have that because they didn’t go to college or worked in lower income jobs, or were a housewife relying on spouse’s social security,” she added.
“I can remember when I was young and my grandfather telling me very seriously, 'Mary, you’ll see the day when eggs are a dollar a dozen.' I wish I could chat with him about that right now,” said Mahoney.
But as helpful as the increases might be, Mahoney said it’s not the solution.
“I think doing more to decrease inflation would help out a lot better. if we just keep raising and raising and raising everything, where’s the ceiling?
Her advice to her 20 grandchildren: save while you can to set yourself up to retire comfortably.
“You can’t depend on Social Security to live, on when you’re done working," said Mahoney. "If you don’t prepare yourself enough to have other income, you can’t survive on social security."
