fter June’s inflation reading, Social Security Administration (SSA) benefits may increase even more than previously expected, according to a new forecast from the Senior Citizens League.
Social Security could see a cost-of-living adjustment (COLA) of 10.5% for 2023, based on inflation data, the group said. It previously forecasted that Social Security payments would rise 8.6% in 2023.
COLA is determined using the Consumer Price Index (CPI) inflation measurement tool from the Bureau of Labor Statistics (BLS). For 2022, it grew 5.9% and resulted in a monthly bump of $92 for the average retiree, according to the SSA. This year’s increase was the largest for beneficiaries since 1982, when payments went up by 7.4%. For comparison, SSA payments grew by just 1.3% in 2021.
Inflation surged in June to a new 40-year high, marking the fifth time it's broken that record this year. The CPI increased by 9.1% annually, hitting its highest point since November 1981, according to BLS. This is up from May’s annual increase of 8.6%. On a monthly basis, inflation jumped 1.3% from May to June.
About 50% of seniors rely on Social Security benefits for at least half their income, and about 25% rely on these benefits for their entire earnings, according to the SSA.
Social Security benefits could see higher-than-expected increase in 2023
In the past that might have seemed unsustainable, but it doesn't seem to matter anymore.
Well at least the SSA is sure not buying the whole "transitory" inflation thing.
Damn, you youngin's need to work harder.
Oh, in before the 30% Medicare increase.
Social Security could see a cost-of-living adjustment (COLA) of 10.5% for 2023, based on inflation data, the group said. It previously forecasted that Social Security payments would rise 8.6% in 2023.
COLA is determined using the Consumer Price Index (CPI) inflation measurement tool from the Bureau of Labor Statistics (BLS). For 2022, it grew 5.9% and resulted in a monthly bump of $92 for the average retiree, according to the SSA. This year’s increase was the largest for beneficiaries since 1982, when payments went up by 7.4%. For comparison, SSA payments grew by just 1.3% in 2021.
Inflation surged in June to a new 40-year high, marking the fifth time it's broken that record this year. The CPI increased by 9.1% annually, hitting its highest point since November 1981, according to BLS. This is up from May’s annual increase of 8.6%. On a monthly basis, inflation jumped 1.3% from May to June.
About 50% of seniors rely on Social Security benefits for at least half their income, and about 25% rely on these benefits for their entire earnings, according to the SSA.
Social Security benefits could see higher-than-expected increase in 2023
In the past that might have seemed unsustainable, but it doesn't seem to matter anymore.
Well at least the SSA is sure not buying the whole "transitory" inflation thing.
Damn, you youngin's need to work harder.
Oh, in before the 30% Medicare increase.
