Posted on 06/11/2022 1:29:56 PM PDT by SeekAndFind
An official with the Social Security Administration said seniors and others who rely on the benefits program are likely to receive a cost-of-living adjustment "closer to 8%" at the end of 2022 due to the current rate of inflation, which is the highest in four decades.
That increase would represent the biggest-cost-of-living adjustment, or COLA, since 1981. The average monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790.
The agency's COLA takes effect in December, with the updated benefits paid out beginning in January 2023.
The 69 million Americans who collect Social Security got a 5.9% COLA increase in January — the biggest jump since 1982. But inflation has raced far ahead of that number this year, hitting 8.3% in April and eroding many seniors' purchasing power.
"Looking at the CPI-W trends we're seeing so far this year, it's likely we'll have a COLA closer to 8% than to 3.8%," said Stephen Goss, the chief actuary of the Social Security Administration, in a June 2 webinar with the Bipartisan Policy Center on Social Security.
Goss' comments were made prior to the government's June 10 inflation report, which found that the Consumer Price Index accelerated across the U.S. in May, jumping to 8.6% — the steepest increase since 1981. Higher inflation was due mainly to increases in fuel, food and housing prices.
Given the latest inflation figures, it's likely that the next COLA bump could reach 8.6%, which is unchanged from a prior forecast in May, senior advocacy group the Senior Citizens League said on Friday.
(Excerpt) Read more at cbsnews.com ...
Of course the social security fund will now run out three years sooner...🙄
I am not counting on seeing any of it, and I am 51.
I bought a new car in January. I financed it with $10,000.00 down. I told my wife cost of living increases to my Post Office pension would probably be enough for the payments soon. It’s only taken two years if this 8% happens.
Thanks, Joe.
And then the medicare drug costs will be 20% more, like 2021.
So seniors lose again.
They will figure a way to cheat us out of it.
It will probably be all going to the rise in Medicare.
The average monthly Social Security check is about $1,658
______
About $20,000 a year.
Which would be an equivalent of $10 an hour full time job.
According to Bernie, the living wage is $15 an hour.
So, I guess, seniors cannot live.
“Of course the social security fund will now run out three years sooner...”
Social Security is like any other fedgov program. It’s like saying the DoD will run out of money in 2 years. Well, yes, if Congress doesn’t fund it, it will run out.
This is just to get the regime and their minion candidates through the midterms.
What is also sad is how many retirees have to depend on SS, for day to day living. Especially, with the (long time) threat of SS running out.
Me neither.
I’m 67.
“It will probably be all going to the rise in Medicare.”
That’s pretty much were the last COLA increase went.
Having Democrats run the show has approximately the same effect on the US economy that losing the First World War had on Germany.
The SS befefit increase will likely bring up the social security funding hole sooner rather than later.
For those whose sole income is social security, the 8% benefit increase will still be below their recent regular costs’ increases for most of them.
With Biden’s inflation, it should probably be a 25% increase and still alour senior citizens would suffer.
And just by coincidence, the incidentals that go up each year
will go up by 15%.
And if that trend continues, there will be no private pensions, assets or savings. Just a government check. From month to month.
Btw, this Veteran checked Military.com and...The White House and Congress have proposed a 4.6% pay raise for the military in 2023
If annual inflation is 8+%, would not a 4.6 % raise equal major a pay cut for the Military?
...equal major a pay cut for the Military = equal a major pay cut for the Military
Exactly, what they give out on one hand they take back with the other.
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