However, as the Senior Citizens League explains, this extra amount of money is entirely spent on the $164.90 monthly Part B premium, which is automatically deducted from Social Security benefits. Moreover, recent research showed that average Social Security benefits fell short of inflation by about $1,054 from January 2021 to December 2022.
The shortfall was especially due to the 2022 COLA of 5.9%, which wasn’t matching the 7% inflation rate that haunted all of us most of the year. In 2023, average benefits will have only recovered around $179.49 since the start of the year.
The SSA recently revised its predictions for how long they can continue to pay full benefits, moving the trust fund exhaustion date one year earlier, to 2034. This decision was made in part due to the higher COLA. Basically, it’s expected that starting in 2034, only 80% of benefits will be payable. That is, if Congress doesn’t do something by then.
10 Responses
I can only hope for continuing special help with SS as it is most impossible to meet all expenses as it is. I already know my apartment lease will increase $100/month very soon. And that will not affect the potential cost of living decrease. It only increases.
I have to agree, every time we get a raise our rent increases too! This year after I recertification all that was left of the raise was $5. They took the rest in rent increase, sometimes I wonder who this benefits, because it sure isn’t the Seniors!
Social Security seniors should get a raise every year. And if the government and or Senator and congress give themselves a raise the SSN seniors should get the same amount or no raises for government employees.
All senior over 70 years should be raised up to 2500 a month. What us old timers get is a disgrace when we pay all of the pensions in Ukraine.
They lower the COLA for American Citizens but the continue to give free money to support Ukraine and illegal aliens that keep pouring into this country! Totally unexceptional.
Everyone in the government can give themselves a cost of living raise but all of the citizens and senior citizens that’s on fixed income hardly if ever get a cost of living increase. Just like they say it’s a fixed income meaning that it’s not going to increase and we being senior citizens that have paid into this system all of our working years are basically living in poverty.
I am 75 years old and everything is going up, a can of soup $1.65, loaf of bread $3.59, gas $3.45 a gallon, and power bills averaging over $300 a month , there is nothing coming down as these idiots running the country don”t care its all a power thing, they have forgotten the average American. Older people should get Medicaid, and let the freeloaders get A JOB, their are GENARATIONS that have never worked a day in their life. DISGUSTED !!!!!
Sam-
Federal Govt. Employees usually get very meger raises. Example: If the cost of living goes up 4% in The USA, the Cost-Of-Living Adjustment for Federal Government Employees would be 2 1/2-3%. Some years-nothing
even though there was a jump in inflation. People do not seek a federal job to “get rich.” Federal jobs are usually steady and if you do work-secure,
Last year Federal workers got the largest raise in decades. This year despite high inflation-around 3%.
I don’t know all the math but I know the price of every single item I buy has gone up way over 3.2% ($0.032 on $1) each. My Cola is -29 just for the main bills not all of them or groceries, gas, etc… Plus we need upkeep on our homes, cars or we won’t have them long. At least they got a decent raise and the president got his salary doubled.
According to the official US Bureau of Labor Statistics data, the Consumer Price Index for All Urban Consumers, also known as CPI-U, went up 5% over the last 12 months and 0.1% in March.
Then why did the White House give us only 3% Cola?????????