(WKBN) – The Social Security Administration announced the cost of living adjustment for Social Security beneficiaries in 2023. It’s an 8.7 percent increase — the highest in 40 years.

Cassandra Valentini, with Direction Home of Eastern Ohio, said this is monumental for older adults.

“There have been years and years and years that we have seen zeros, so it is very important, and it’s going to be helpful to folks,” Valentini said.

The boost will help recipients, like Mike Senchak, meet higher costs of goods and services driven by rising inflation.

“Being 70 years old and seeing what the current state is with the economy, especially with inflation and just prices across the board, it’s a really welcome thing for us,” Senchak said.

Other people argue that it’s not enough.

“I think it should be 12, because no matter what we get, we’re still gonna be in the hole, ’cause everything’s going up,” said Scott North, of Youngstown.

A large proportion of retirees’ Social Security incomes goes toward housing, food and health care costs, but for seniors also on Medicare, additional financial relief will come in the form of lower Part B premiums in 2023.

“Hopefully the Medicare won’t increase so they really don’t see a raise in their Social Security check, so that’s most important,” said Susan Krawchyk.