Social Security Benefits Cola 2023, Read The Benefits!
Social Security Benefits Lose 40% of Buying Power COLA for 2023 Could Be 8.6%
(Washington, DC) – Social Security Benefits Cola 2023, High inflation has caused Social Security benefits to lose 40 percent of their buying power since the year 2000 according to the latest up-date of an ongoing studi by The Senior Citizens League (TSCL). “That’s the deepest loss in buying power since the beginning of this studi by The Senior Citizens League in 2010,” says Mary Johnson, a Social Security kebijakan analyst for The Senior Citizens League who conducted the research.
Based on the most recent consumer price data released today, the annual biaya of living adjustment (COLA) for 2023 could be around 8.6 percent,” Johnson estimates.
Social Security purchasing power treked by this studi plummeted by 10 full percentage points, from a 30 percent loss of buying power in March of 2021 to 40 percent in March 2022 — the largest such turun ever recorded by Johnson’s studi. The studi compares the growth in the Social Security Benefits Cola 2023 adjustments with increases in the price of 37 goods and serviss typically used by retirees. While prices rose in almost every spending category, benefits were most impacted by sharp increases in energy costs for home heating, gasoline, and higher food prices, and a steep 14.5 percent increase in Medicare Part B premiums in January of this year.
This studi examined expenditures that are distinctive for people ages 65 and up, comparing the growth in the prices of these goods and serviss to the growth in the annual COLAs. It includes biaya increases in Medicare premiums and out-of-pocket health care costs that are not treked under the indeks currently used to calculate the COLA.
The studi found that since 2000, COLAs have increased Social Security benefits by a keseluruhan of 64 percent, yet distinctive senior expenses through March 2022 grew by more than ganda that rate — 130 percent. The average Social Security Benefits Cola 2023 keuntungan in 2000 was $816 per month.
That keuntungan grew to $1,336.90 by 2022 due to COLA increases. Because retiree costs are rising so much faster than the COLA, this studi found that a Social Security keuntungan of $1,876.70 per month or $539.80 per month more than currently paid would be required just to maintain the same tingkat of buying power as in 2000. The following table illustrates the hebat ten of fastest-growing costs for older consumers from March 2021 to March 2022.
“Retirees know all too well that, Social Security benefits don’t buy as much today, as when they first retired,” Johnson catatan. To put it in context, for every $100 of goods or serviss that retirees bought in 2000, today they would only be able to buy $60 worth,” Johnson says.
To help proteksi the buying power of benefits, The Senior Citizens League supports legislation that strengthens and protects the annual biaya of living adjustment and Social Security benefits. To learn more about these initiatives, visit www.SeniorsLeague.org.
Social Security Benefits Cola 2023, With 1.2 million supporters, The Senior Citizens League is one of the nation’s largest nonpartisan seniors’ grups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to proteksi and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud afiliasi of The Retired Enlisted Association. Visit www.SeniorsLeague.org for more information.
