According to the Social Security Administration, about 90 percent of Americans aged 65 and older are eligible for Social Security retirement payments.
“Among older Social Security claimants, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income,” according to the Social Security Administration.
Due to the fact that millions of Americans rely on social security benefits to pay their rent and buy food, the cost-of-living adjustment (COLA) is one of the most crucial announcements made each year.
In addition, the Senior Citizens League estimates that the Cost of Living Adjustment for 2023 will be 8.9 percent, based on newly revealed inflation data.
According to the most recent estimates, the Social Security payment increase will be the largest in about 41 years if the 8.9 percent figure is correct.
And while it initially appears to be a good thing, it’s crucial to remember that the cost of living adjustment is in place to ensure that wages maintain pace with inflation.
Earlier this month, the United States Department of Labor stated that its consumer price index jumped by 8.5% from a year earlier in March, marking the biggest year-over-year increase since 1981.
According to reports, prices have risen as a result of tight supply chains, increasing consumer demand, and global food and energy market disruptions, which have been worsened by the Ukraine crisis.
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“price pressures have been particularly difficult for American households, particularly for those with lower incomes who spend a large proportion of their wages on necessities.”
As a result, a rise in social security benefits would definitely be welcomed by millions of Americans around the country. Make Sure You’re Ready for a Possible Rise in Social Security Benefits