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CHARLESTON, W. Va.–The nearly 480,000 West Virginians who receive monthly Social Security benefits will receive the most significant cost of living adjustment in more than 40 years beginning Jan. 1.
The Social Security Administration has announced an 8.7% COLA due to inflation.
“It’s welcomed news,” AARP State Director Gaylene Miller said during an appearance on MetroNews “Talkline.” “That’s the largest inflation fueled increase since 1981 and we saw an 11.2% that year.”
Miller said the increase covers all forms of Social Security including retirement, disability and survivor benefits.”
The average monthly benefit will rise by about $145 a month. The average monthly benefit in West Virginia is $1,500.
Miller said the increase is well-timed.
“Inflation has hit everyone hard but particularly folks living on a fixed income and their having difficulties stretching that money. This is going to be putting money back into the pockets of West Virginians and all Americans,” Miller said.
There was also a COLA increase at the beginning of 2022 (5.9%) but that was mostly swallowed up by an increase in monthly premiums for those on Medicare Part B. Miller said the new increase will be more signficant because it’s recently been announced Part B premiums are being reduced for 2023.