WASHINGTON (AP) — 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.