Social Security Checks Projected To Go Up Up 8.7% In January

A man in a suit and tie sitting inside of a car.


According to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group, Social Security Payments could see the largest increase since 1982 in 2023.  That’s the good news.  The bad news is that inflation is still very high so the 8.7% increase may not mean much as far as purchasing power goes.  For the average retiree who currently gets a check for $1,656, the cost-of-living hike would bring them an additional $144.10 a month in 2023, making the average payment $1,800.

 

Social Security Payments To Leap In The Double Digits Come January

A group of people giving thumbs up to the camera.


Social Security payments are expected to rise by more than 10% next January given the soaring inflation that we have experienced.  Mary Johnson, policy analyst at The Senior Citizens League, cautions that this number may be too high, particularly if inflation cools later in the year.  The best case scenario : A huge increase in January while inflation cools to a reasonable level in 2023.

Seniors Got 5.9% Increase In Social Security, But It May Not Be Enough!

A jar of coins with the word retirement written on it.


Seniors were happy to get a big increase of 5.9% to their Social Security payments this year, but it may not have been enough.  It was announced by the Bureau of Labor Statistics today that The Consumer Price Index rose 7.5% year-over-year in January.  That came in well above the median forecast of 7.3% from economists surveyed by Bloomberg.  It is the strongest consumer price growth since 1982!

https://www.businessinsider.com/inflation-cpi-january-price-growth-report-omicron-wave-supply-chains-2022-2?nr_email_referer=1&utm_source=Sailthru&utm_medium=email&utm_content=Business_Insider_select&pt=385758&ct=Sailthru_BI_Newsletters&mt=8&utm_campaign=Insider%20Select%202022-02-11&utm_term=INSIDER%20SELECT%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGED%2C%20NEW

Social Security CPI Forecasted To Be Up 6.1%

A blue and white logo of the social security administration.


There is good news and bad news in a new report coming out from The Senior Citizens League, a non-partisan senior group, which raised their forecast for the Social Security from 5.3% to 6.1%.  That’s a huge increase from prior years.  However, it’s based on a basket of goods cost of living (COLA) increase, which means that the increase will likely just make up for a 6.1% hike in goods and services that you buy every day.  In addition, some things like real estate and rental prices, medical costs and long-term care are skyrocketing.

 

https://www.forbes.com/sites/davidrae/2021/07/14/how-big-will-the-social-security-cost-of-living-adjustment-be-for-2022/?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&cdlcid=607e1442fe2c195e916f3bb4&sh=433b142b52fa