Articles
- Cost-of-Living Adjustment for 2024 Could Be 3.1% Press Briefing 5.10.23 Research on the buying power of Social Security benefits by The Senior Citizens League (TSCL) confirms that inflation is moderating. But a lower inflation rate has not necessarily meant that prices have come down. This year the study found that the oldest adults, especially those (age 85 and older) who retired before 2000, ...
- How Long Will Inflation Continue? Expect to See Rising Costs in These Five Categories By Mary Johnson, editor Will the 5.9% cost-of-living adjustment (COLA) be enough to meet rising costs in 2022? Will Social Security recipients receive a big enough boost next year in order to afford groceries for the entire month, instead of running short before the month ends? From what I’m reading, the rate of price inflation is ...
- Part B Premiums Rise 14.5%— Social Security 5.9% In January, the Social Security checks of more than 69 million beneficiaries will rise by 5.9%. That cost- of – living adjustment (COLA) will increase an average monthly retiree benefit of $1,565 by $92 per month — far more than the meager inflation adjustments over most of the past 12 years when COLAs averaged just ...
- How a High COLA Really Impacts Social Security Income By Mary Johnson, editor Now that the Social Security Administration has confirmed that Social Security benefits will increase by 5.9% in January of 2022, what’s next? Several factors play an important role in determining the final financial impact that 2021’s high inflation will have on your Social Security income. But beneficiaries won’t get the full picture ...
- Buying Power of Social Security Benefits Plummets in 2021 Soaring inflation has deeply weakened the purchasing power of Social Security benefits in 2021, according to TSCL’s latest update on rising senior costs. The study, which compares the growth in the Social Security cost-of-living adjustments (COLAs) with increases in the costs of goods and services typically used by retirees, found that Social Security benefits have ...
- Social Security Benefits to Increase 5.9% for 2022 Social Security recipients will receive a 5.9 % cost-of-living adjustment (COLA) effective January 2022 — the highest in 40 years. The high COLA comes as more than 62 million retired and disabled Americans have spent much of 2021 struggling with price increases the likes of which haven’t been seen since 1982. The COLA will increase an ...
- Benefit Bulletin: September 2021 Most Look Forward to Boost; Low-Income Retirees Worry Benefits Could be Trimmed By Rick Delaney, Chairman of the Board We have been hearing from hundreds of you who are watching the inflation numbers and eagerly looking forward to getting a high inflation boost next year. But a number of you point out an urgent problem that occurs ...
- COLA Estimated to Be 6% to 6.1% For 2022 By Mary Johnson, editor The Social Security cost-of-living adjustment (COLA) for next year is likely to be the highest seen by retirees since 1982. Based on the most recent CPI data through August, I estimate that the COLA will increase Social Security benefits by 6%-6.1% in 2022. This would be the highest increase that I’ve forecast ...
- Your Social Security Benefits Buying Less By Mary Johnson, editor Rapidly climbing prices for consumer goods and services are making financial choices for older adults especially challenging this year. But eventually, these higher prices might mean a higher Social Security cost of living adjustment (COLA) for next year. In the meantime, older consumers are struggling to figure out how to pay for ...
- Buying Power of Social Security Benefits Wiped Out by Soaring Inflation An abrupt jump in inflation in February and March of this year wiped out a short-lived improvement in the buying power of Social Security benefits in 2020, according to TSCL’s latest study on rising senior costs. The study, which compares the growth in the Social Security cost of living adjustments (COLA)s with increases in the ...
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