BUSINESS + ECONOMY

Social security will get a bump due to inflation

Oct 14, 2022, 4:00 PM

Multiple dollar bills are pictured, social security will see a bump...

According to a new report, 68% of parents with children over 18 have made some kind of financial sacrifice for their children. This begs the question, when should parents financially cut off their children? (Pexels)

(Pexels)

SALT LAKE CITY — People living on social security are getting a significant cost-of-living bump next year meant to help them keep up with inflation.

People on a fixed income will get 8.7% more after the increase.

DMBA Certified Financial Analyst Shane Stewart said that while it’s technically enough to cover the overall inflation rate, it might not feel like it.

“That is meant to help them keep up with inflation, but things as we’re seeing, are still high,” Stewart said. “So that will probably cover what the increase has been this past year, plus a little more on the average.”

The Social Security Administration said average payouts will go up by more than $140 per month. Utah has about 430,000 people on social security. 

Stewart added that everyone should continue to scrutinize their budgets because of inflation.

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Social security will get a bump due to inflation