“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” said Social Security Administration’s Acting Commissioner Kilolo Kijakazi.Colby Nelson, a spokesman for the AARP, said the benefits increase “will provide much needed relief to millions of Americans.” He called the annual cost-of-living increase “more crucial than ever as high inflation remains a problem for older Americans.”Several government indexes show that inflation hits older Americans harder than the rest of the population.Willie Clark, 65, of Waukegan, Illinois, says his budget is “real tight” and the increase in his Social Security disability benefits could give him some breathing room to cover the cost of the household expenses he’s been holding off on.The financing setup dates to the 1930s, the brainchild of President Franklin D. Roosevelt, who believed a payroll tax would foster among average Americans a sense of ownership that would protect the program from political interference.Why Social Security checks are about to get a lot biggerWorsening inflation will pressure Fed to keep raising ratesStocks drop on Wall Street following hot inflation reportU.S. applications for jobless aid rise last weekSome solutions for reforming Social Security have been proposed — but none has moved forward in a sharply partisan Congress."