Due to the blow from skyrocketing prices in 2022, millions of Social Security participants have spent the past year trying to make up lost ground financially. But considering the 8.7% cost-of-living boost planned for 2023, the biggest over 4 decades, the majority remain still far behind.
The chance of a low COLA linked to this year’s decreasing rate of inflation may mean that things don’t get a lot better in 2024.
As to research released last week, the Senior Citizens League, a non-partisan advocacy group, calculates that from January 2021 to December 2022, typical Social Security payouts fell under-inflation by around $1,054.
The 2022 COLA of 5.9%, which followed a year-long inflation rate that averaged over 7%, was mostly to blame for the shortage. From the beginning of the year, the typical benefit in 2023 has only gained roughly $179.40.
READ ALSO- Republicans Seek To Reduce Food Stamps Even Though Many Have Difficulty Putting Food On Their Plates
