Social Security recipients are poised to receive the biggest cost-of-living raise in over four decades as inflation rapidly erodes the buying power of retired Americans.
recipients are poised to receive the biggest cost-of-living raise in over four decades as inflation rapidly erodes the buying power of retired Americans.
Should Social Security beneficiaries see an 8.6% increase in their monthly checks next year, it would mark the steepest annual adjustment since 1981, when recipients saw an 11.2% bump. The Senior Citizens League previously predicted the COLA for 2023 could be 8.9%, but the headline inflation figure has subsided slightly since then. The estimated figure could still be subject to change and ultimately hinges on whether inflation has actually peaked or will continue to rise.
"One does not get the sense that this is going provide any relief to households experiencing a loss in purchasing power and to policymakers who will attempt to restore price stability without causing a recession," said Joe Brusuelas, RSM chief economist. Social Security recipients have lost 40% of their buying power since the year 2000, according to new research conducted by the Senior Citizens League.
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