Connect with us

Hi, what are you looking for?


After the most recent inflation report, Social Security’s estimated COLA may upset retirees; could this affect your payments

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

Copyright © 2022 Pro Claimers. Theme by MVP Themes, powered by The Santa Clarita Valley.