Social Security boost will help millions of kids, too

WASHINGTON – Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits – not for herself but to pay for haircuts for her two grandchildren and put food on the table.

The three live in a Washington apartment building that houses 50 “grandfamilies” – where grandparents take care of children who do not have parents present.

Gentry, who took in her grandkids to keep them in a safe environment, says the boost in benefits will help her make ends meet. “I never thought about contributing to Social Security when I was working, but now that’s what I depend on,” the communications retiree said. “I depend on my Social Security to care for these kids.”

Social Security’s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning.

It’s not just old people who will gain. About 4 million children receive benefits, and an untold number of others also will be helped because they’re being cared for by Social Security beneficiaries, sometimes their grandparents.

The impact will be immense, especially for low-income retirees like Gentry, who feels the painful sting of high food and energy costs as she cares for a growing 12-year-old granddaughter and 16-yearold grandson. “They eat everything,” she joked.

She said the financial boost “is going to help us, and it’s going to be a benefit because the cost of everything has gone up.”

High inflation remains a burden on the broader economy, which has caused the Federal Reserve to raise interest rates in hopes of cooling high prices.

But in many ways, inflation hits older Americans harder than the rest of the population. Medical costs are a big part of the burden.