Social Security Benefits To Increase By 8.7% In 2023

The Social Security Administration is making its largest cost of living adjustment since 1981, giving a much-needed boost for many Oklahomans.

The administration announced an increase of 8.7 percent, which equals an average monthly boost of about $144 in social security payments.

For those on a fixed income, the extra money makes a big difference.

70-year-old Amy Rogers came to Gathering Place to walk when she found out she will get more social security money starting in January.

"Hallelujah!” said Rogers. “We can surely use it. We can. You know, so much going on right now."

Rogers said she and her husband are on a fixed income, which is common in Oklahoma.

"Around 30 percent of Oklahomans 65 years of age or older rely on social security for 90 percent of their retirement income, so it's a big impact,” explained Sean Voskuhl, AARP Oklahoma State Director. “Not everyone has 401Ks, large nest eggs."

Voskuhl said more than 20 percent of Oklahomans, about 811,000 people, get Social Security benefits.

In Oklahoma, the average Social Security retired worker benefit is $1,506 a month, while the average disabled worker benefit is $1,226 a month.

The Social Security Administration said these payments add more than $13.4 billion into the Oklahoma’s economy every year.

"So social security is for individuals and their retirement income, as well as spousal benefits and disability, but it's a huge economic engine for communities and economies in the state of Oklahoma,” said Voskuhl.

For 79-year-old Joe Ann Vermillion, who is an AARP volunteer, she is thrilled to share the good news.

"I'm real excited that it will hopefully help some people see a difference in their living style," said Vermillion.