Right before election day 70 million Americans to receive an increase in Social Security benefits one of the biggest increases

That you've ever seen and this is how you try to buy votes right ahead of the midterm elections

Even ABC News had problems with Joe Biden's claim that the GOP

will increase inflation

The inflation reduction act doesn't have much to do with inflation ABC News actually said over the weekend now

I want you to hear this report about 70 million Americans set to receive

Increase Social Security benefits and then I want you to hear the administrations lie

That Republicans will make things worse

So what does this Social Security benefit bump mean for retirees?

Well, hopefully it's going to mean some much needed relief for the nearly 70 million Social Security recipients

They've seen their budgets stretch thin because of high inflation also their nest eggs have taken a real wallup because of the plunging stock and bond markets

So the average monthly Social Security check will rise by 8.7% next year the biggest cost of living adjustments since 1981

That means people are going to see their Social Security check scope by $146 a month certainly good news and and get this

Statistic that I read 20% of retirees

Depend on Social Security for 90% or more of their income

So the fact that they're going to be getting more in that check every month is welcome news

So where does this lead Social Security as a program? Will it run out of money eventually?

That's a myth a lot of people are saying that is going to happen

It won't bankrupt Social Security, but it will definitely put a stress on the system

And it's estimated by 2034. That's just 12 years away

Social Security will only be able to pay out 80% of its benefits unless Congress acts and I feel like Social Security has been on Congress's to do list forever

Yeah, and they need to start to make some real changes

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