NORFOLK, VA — In 2023, many senior citizens will see a nearly 10% boost in benefits for social security in their accounts. This historic increase of 8.7%, fueled by the rate of high inflation.
However, some senior citizens said that, after looking at the cost of things like gas and food and rent, it's not enough
Participants of the Primeplus Senior Center in Norfolk agree that this nearly ten percent boost in benefits is more of an increase than they've seen in decades. But they said that money would have gone further years ago. Many believe it's because of the prime reason why there's an increase in the first place—inflation. Some folks said that money will barely make a difference.
"For those people that really need it, it'll be a way that they can buy more groceries or pay some bill or do something like go to a movie and I think the money is just going to go back into the community," said Janet Janate, a senior citizen.
Others at the center believe, in many ways, inflation's taken away the freedom that comes with being retired.
"I've come across some of my friends here that they've had to move out of their apartments and move in with their children," said senior citizen Margie Mitchell. "It's sad to hear those stories because some of these people don't want to do that but they don't have any other choice."
Larry Geromin said just this summer, he had no choice but to leave his apartment because of that same exact reason.
"A couple years ago, my social security paid my rent but then the rent kept going and going and going. "Then I noticed that I wasn't getting any money left from my social security," said Geromin.
Geromin said for many recipients like him, that little extra cash won't be used to splurge, but rather used just to survive.
"When you get this age, you rely on medicine and with the boost, the way they charge for medicines nowadays, a senior can't keep up some of them might have to drop a medication just because they can't afford it," said Geromin.
Seniors will receive that extra cash in 2023. For some, it'll be a little cushion for rising costs.
To find out more details about the boost in benefits click the link below.
Social Security recipients to get 8.7% increase next year — highest since 1981 - CBS News
