By: Mary Jones
healthy COLA increase would simply help retirees keep pace with soaring inflation. The consumer price index leaped 8.3% in April
Social Security recipients got their most generous cost-of-living adjustment (COLA) in decades -- a 5.9% raise
If inflation holds steady at its current pace, next-year's Social Security COLA could amount to a whopping 10.8%
Social Security are already falling behind this year because the 5.9% COLA they received in January has by no means kept pace with recent inflation.
Next-year's Social Security COLA may end up being substantially larger than the last one. But that doesn't mean seniors will automatically have an easier time making ends meet
Inflation has been so high and so much higher than the 5.9% COLA that people got, they have experienced a shortfall in their benefits
monthly payments for those in the lowest income bracket to $170.10, up from $148.50 last year.
Some 39% of seniors who receive assistance said their benefits were reduced because of the hefty adjustment for 2022
Since 1975, the Social Security Administration has automatically set COLAs each year based on inflation
According to the CRFB, if COLAs are at least 8.8% in 2023 and 3% in 2024, that insolvency date would come sooner, in 2033.
Consumer Price Index for the Elderly (CPI-E) to calculate the annual Social Security cost-of-living adjustment instead of the Consumer Price Index
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