Social Security COLA Was Nearly 50% Behind Inflation in 2022 — What It Could Mean for 2023

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

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No Social Security raise as prices climb: Data backs local seniors’ worries

Article Excerpt: "...“I know my costs have gone up,” she says. Rent on her apartment, which eats up half her income, increased this year. So have her grocery bills. And she expects her utilities to go up next year..."

Resource: www.seattletimes.com

2015 Social Security COLA, COLA,

2012 Federal Retiree COLA will be 3.6 percent

Federal retirees to get COLA increase

Article Excerpt: "...those who retired under the Federal Employees Retirement System and who are eligible for COLAs will receive 1 percentage point less. The FERS system generally doesn’t pay inflation adjustments until age 62..."

Resource: www.washingtonpost.com

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