Those who today deal with rising inflation in the United States will receive an increase in their monthly checks and as they predict it will be the largest benefit received since 1981.
Policy analyst and editor of the Senior Citizens League Mary Johnson argued that people on fixed incomes are among the hardest hit by inflation and are likely to get the most benefit each month starting in 2023.
Up to a $159 increase in your monthly checks could be received by Social Security beneficiaries in the United States.
That result was derived from the high-inflation reading for July, where the nonprofit advocacy group, Senior Citizens League, confirmed that the consumer price index remained near 40-year highs.
It is precisely because of this increase in consumer prices that higher benefits are expected for next year, because the Social Security Administration’s annual cost-of-living adjustment formula is based on readings for the months of July, August and September, and although it peaked last July, it is likely to be much higher for the next couple of months.
This translates into the following, Johnson said that the annual adjustment is projected at 9.6%, the highest that has been received since 1981 and compared to last year, which was only 5.9%, it could be confirmed that the gains have had an average benefit of $92.30 each month.
“That’s really phenomenal,” he said. “Indeed, no one receiving Social Security right now will have received such a high COLA.” He pointed
However, he also argued that “Social Security was never designed to be a single source of income for people.”
The inflation rate until July represents a benefit of only $1,656 per month, $58 less than what should be received according to a study by the League of Senior Citizens and although there will be future increases, it would still be below the monthly average of what beneficiaries need to catch up with rising prices.
The Social Security Administration could release the cost-of-living adjustment for 2023 after consumer price index data is released in September.
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