Social Security recipients can expect next year’s annual cost-of-living adjustment (COLA) to be the lowest since 2021, following cooler inflation readings in July and August.
On Wednesday, the Bureau of Labor Statistics reported the consumer price index climbed 2.5% year on year.
Combined with the 2.6% reading in July, and a similar reading expected for September, Social Security beneficiaries are on track to see a payment increase of about 2.5%, according to The Senior Citizens League, an advocacy group.
That equates to an increase of about $46.80 per month.
While the lower COLA forecast reflects an economy that is enjoying a slower pace of price growth, Social Security advocates say seniors and others on fixed incomes are uniquely affected by the inflationary environment.
It doesn’t matter if price growth is slowing when it’s already too high.
Seniors are still priced out even with a measly extra $50.
The people on social security at this point had decades to vote and make sure that the country was properly contributing to that social safety net. Instead they gutted it and allowed it to become hollow. Now they can suffer the consequences of their actions, or lack thereof.
Except it doesnt affect just them.
Not everyone on social security receives benefits due to old age. Some receive benefits due to being disabled adults or children.