Those who receive Social Security benefits will see one of the biggest increases in the program's history in January.

According to reporter Kevin Tampone, reporter for Syracuse.com, "the Social Security increase coming in 2023 will be one of the largest ever. 

Mary Johnson, a Social Security analyst for The Senior Citizens League, a nonprofit  group said, "the increases are meant to help seniors and other Social Security beneficiaries keep pace with rising prices.

Johnson said, "with inflation at its highest point in decades, the increase for 2023 will certainly be large."

Johnson made clear that "just how large won't be known until this fall, when the Social Security Administration  announces the final figure and then the hike will take effect in January."

Johnson's Senior Citizens League, "estimates the adjustment could be around 9.6% if inflation continues at a similar pace," and "if things get hotter, the hike could rise to over 10%." 

The Senior Citizens League noted that if things get cooler, "they could fall in the 8% to 9% range. 

A separate recent analysis from the nonprofit Committee for a Responsible Federal Budget found next year's hike could be as high as 10.8 %.

Social Security recipients got a 5.9% cost of living increase in 2022, the biggest in decades. 

The but's are saying, "even if seniors get a substantial raise this year, it's likely to be mostly wiped out by increased housing costs and the fact that medicare expenses have also been rising steadily, and many are saying that historically the raises haven't done a great job keeping up  with the actual cost increases seniors have faced."

The Senior Citizens League pointed out that, "even with annual increases, Social Security benefits have lost roughly 40% of their buying power since 2000."

Before last year's increase, beneficiaries had been dealing with years' worth  of smaller hikes.

Social Security records show that three times since 2010, Social Security beneficiaries didn't get any bump at all thanks to low inflation... the 2021 cost-of-living increase was just 1.3%

When it all comes to reality many have expressed the fact that any Social Security raises are not designed to keep up  with actual cost increases.