Social Security COLA Was Nearly 50% Behind Inflation in 2022 — What It Could Mean for 2023
Article Excerpt: "...The Senior Citizens League estimates that the 2022 COLA fell short of actual inflation by an average of 46% a month. The average Social Security payment fell short by $42.35 per month, or more than $508 for the full year. Even with inflation easing — it fell to 7.1% in November, marking its first dip below 8% since February — the rate is still well above the 5.9% COLA. One result is that a rising number of U.S. seniors are living in or near poverty. Recent surveys of adults aged 65 and older by the Senior Citizens League found that one-third of survey participants reported applying for food stamps..."
Resource: yahoo.com