Who's Ready for an Extra $175 a Month in Social Security?

It's no secret that the cost of living has soared this year. Everything from food to shelter to gas has become

More expensive lately. There is a possibility that the problem could get worse before it gets better.

In order to cool inflation, the Federal Reserve is raising interest rates specifically. 

Consumers are likely to cut back on spending if borrowing becomes more expensive.

Our inflation data suggest that next year's Social Security cost-of-living adjustment (COLA) will be substantial.

After inflation was not as high as it is today, Social Security benefits increased 5.9% in 2022.

The Senior Citizens League estimated that the Social Security COLA would reach 10.5% next year.

Earlier this year, a nonpartisan group estimated that the COLA would reach 10.5%.

Seniors will receive an additional $175 a month if Social Security benefits increase by 10.5% next year.

In spite of the benefits of such a raise, many seniors might also find themselves in financial difficulties as a result.

Seniors can't bank on Social Security alone

Inflation makes a case for a large COLA whenever Social Security benefits increase significantly. 

Due to high inflation, seniors are spending more money on essential necessities.

Therefore, generous COLAs aren't something to celebrate because they don't boost seniors' purchasing power. 

Swipe Up to Read More Stories

Swipe Up