There is a Hidden Negative in Social Security

According to Stephen Goss, an actuary with the Social Security Administration, benefits could increase 

By 8% in 2023. The cost of living adjustment (COLA) is the basis for his statement. In 2022, 

The average monthly benefit of $1658 increased by over $132, or 5.9%. 

The new national average is now $1790, and an increase of 8% would raise it to $1933, or $23,196. 

Based on the latest consumer price index for June, it is estimated that your social security payment will increase at the fastest rate since 1981. 

All this good news is also accompanied by a large negative element. 

A year ago, Dow Jones estimated an 8.8% increase in inflation, but the rate has risen 9.1%.

Compare the price you are paying for staples such as milk, eggs, and bread at the grocery store to see examples of inflation. 

It is almost as if the percentage of food price increases eats up the percentage of Social Security increases. 

There is a famous Picasso quote that says: Every positive value is accompanied by a negative cost. 

There is no word yet on how much the Medicare Part B payment will rise in 2023, 

But you can bet it will be at least as high as last year. Moreover, healthcare costs have not decreased. 

A third-quarter average from the current year is compared with the third quarter from

The previous year in order to calculate the annual adjustment. According to how high 

inflation is in the coming months, the actual increase for next year may vary. At a press briefing earlier this week,

hite House Press Secretary Karine Jean-Pierre said, "We expect the high prices to ease over

The coming months for a number of reasons."  The Senior Citizens League estimates that

the COLA could be 9.8% if gas prices fall at a consistent rate, and inflation slows down in the coming months. 

Swipe Up to Read More Stories

Swipe Up