Social Security Recipients Could Get , 8.7% COLA Increase As Inflation Keeps Rising.
Yahoo Finance reports that around 70 million people who receive Social Security in America could get
an 8.7% cost-of-living increase next year.
Yahoo Finance reports that around 70 million people who receive Social Security in America could get
an 8.7% cost-of-living increase next year.
It would be the greatest
increase since 1982 if implemented. .
The average Social Security recipient would receive an additional $144.10 per month, according to
Mary Johnson, a Senior Citizen League analyst.
A boost by that much is certainly going to ease the (budget) squeeze. , Mary Johnson, a Senior Citizen League analyst, via Yahoo Finance.
Yahoo reports that the 5.9% cost-of-living increase that was implemented last October didn't keep pace with soaring inflation.
The average Social Security recipient's $1,656 check is $43.80 a month short of matching actual price increases, says the Senior Citizens League.
By March 2022, the purchasing power gap for
Social Security recipients had increased to 40%, the
largest yearly decline ever recorded by the league.
However, some of the recipients worry that they'll have to pay more taxes on their Social Security incomes because of cost-of-living increases.
However, some of the recipients worry that they'll have to pay more taxes on their Social Security incomes because of cost-of-living increases.
Yahoo reports that the Social Security Administration
will likely announce the exact increase after September
consumer price index data is released on Oct. 13.
Yahoo reports that the Social Security Administration
will likely announce the exact increase after September
consumer price index data is released on Oct. 13