Social security payments are increasing significantly, but they may not be enough to cover costs.

1. The cost-of-living adjustment (COLA) for 2022 will result in larger Social Security checks in 2023

2. This is due to high inflation during the term 2022.

3. Social Security recipients can expect to see an increase in their benefits next year

4. The announcement of the exact amount coming on Thursday, October 13.

5. The Social Security Administration has suggested that the new cost-of-living adjustment (COLA) will be nearly 9%.

6. This would be the largest hike since the most recent inflationary period more severe than the current one, which resulted in an increase of 11.2% in 1981.

7. Assuming a near-average Social Security check of $1,600, a 9% increase would result in an adjusted check amount of $1,744.

8. The short-term benefit is not the only important aspect of this increase - the long-term effects are just as crucial.

9. This is because any future changes to the Cost of Living Allowance (COLA) will be based on the new, higher number.

10. As interest rates rise in order to fight inflation, other costs that are associated with loans and credit cards will also see an increase.

11. This puts pressure on beneficiaries who are already struggling to keep up with the rising costs of living.

12. The proposed changes will not only benefit senior citizens, but also many people with disabilities

13. It will also advantage an estimated 4 million children whose parents are retired, deceased or disabled.

14. These increased payments will improve the lives of those who receive them.