Neither statement is true. Social Security beneficiaries receive annualcost-of-living adjustments(COLAs) to protect the buying power of benefits from inflation. COLAs are based on how much theConsumer Price Index(CPI) increases in the third quarter of the preceding year (i.e., July through Sep...
Despite two years of sizable adjustments — the COLA for 2022 was 5.9%, followed by this year's 8.7% — more seniors are falling into poverty, according to U.S. Census data. About 1 in 7 seniors were living in poverty last year, up from 1 in 10 in 2021, the agency found. Poverty...
Social Security Fairness Act Faces Long Delay Before Sending Out Adjusted Benefits By Mary Helen GillespieJan 30, 2025 3:00 PM EST Your Money Is It Time to Exchange Your Annuity? By Retirement Daily Guest Contributor Jan 30, 2025 12:00 PM EST ...
The government, via the BLS and SSA, publishes the official annual cost-of-living adjustments typically in the middle of October, with changes to social security, retiree benefits and medicare effective for the subsequent year. However trailing inflation/CPI levels can provide a strong indication of...
Those amounts would increase over time with Social Security’s regular cost-of-living adjustments. The change is to payments from January 2024 and beyond, meaning the Social Security Administration would owe back-dated payments. The measure as passed by Congress says the Social Se...
Social Security's cash issues could cause more problems There may be many reasons behind the SSA's reluctance to pay out higher COLAs, even as the adjustments struggle to do the job they were designed for. The system is incredibly complicated, and even small changes often require pushing throu...
Those amounts would increase over time with Social Security’s regular cost-of-living adjustments. The change is to payments from January 2024 and beyond, meaning the Social Security Administration would owe back-dated payments. The measure as passed by Congress says the Social Security comm...
Watch for inflation while there is no COLA or phony rates published by “honest” Gooferment bureaucrats, higher taxes on “social security insurance” income (Yeah that was never supposed to happen!), and then just schedule “adjustments” (i.e., higher minimum ages; lower benefit amounts)...
Five OECD member states have replaced government defined-benefit plans with government notional defined-contributions plans with implicit adjustments for changes in life expectancy. Since America’s Social Security system is wildly out of balance, something big eventually will have to happen. The only ...
How are Social Security cost of living adjustments (COLA) calculated? The adjustments are based on data relating to inflation. WASHINGTON - Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. That’s a historic increase and welcome news for American retirees...