Soaring inflation could lead to a Social Security cost-of-living adjustment of up to 6.2% in 2020, the highest in nearly 40 years, according to an estimate Wednesday by The Senior Citizens League.
The Labor Department’s latest report on the consumer price index for July, also released Wednesday, said the core inflation measure used by the Federal Reserve — the consumer price index, minus food and energy — increased by 0.3% in July, continuing a series of increases this year.
The overall consumer price index increased by a half-percent during July, slightly higher than most experts were predicting.
“The estimate is significant because the COLA is based on the average of the July, August and September CPI data,” Mary Johnson, a Social Security policy analyst for The Senior Citizens League, said in a statement. “With one-third of the data needed to calculate the COLA already in, it increasingly appears that the COLA for 2022 will be the highest paid since 1983 when it was 7.4%.”
Social Security benefits increased by 1.3%, or an average of about $20 a month, in 2021, but 86% of recipients said their expenses increased by much more than that, according to the organization.
In a poll of more than 500 members, the league found 34% of seniors had to dip into their emergency savings during the coronavirus pandemic. The survey said 20% were forced to make changes in the saving investments, while 19% drew down their retirement savings more than usual and visited a food pantry or applied for welfare benefits.
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Try planning to retire now. I am being forced to work because of the bin biden changes that occurred.
The lock down on covid forcing high paying techies to move to the country and smaller towns with their high salaries are pushing home prices to where It was in my community 10 years ago and now I can make a lateral move from my community to a retirement community. Well done dem’s, once again.
WE THE PEOPLE through our government pay out about $260 billion in interest on our national debt each year, based on a manipulated interest rate of 1-2%. When the insane 3.5 trillion spending kicks in on top of the 1.2 bogus infrastructure bill, interest rates will rise with the inflation and that $260 billion goes to over A TRILLION per year in interest paid out to our Chinese and foreign creditors. America will become the debt slave to nations sworn to destroy us? The democrats are OBVIOUSLY in on the scheme to take America down from within. When social security cost of living increases kick in, the process will just be accelerated. If only this country was being led by the blind leading the blind, we might last a bit longer intact and United as a Nation. But when it becomes the drug lord owned criminal politicians leading the socially dependency drug duped criminals, only the Divided States of a Democrat party awaits us in the future, no longer a matter of IF, but WHEN. Whenever a Democrat liberal offers Social Security, you just know that social chaos and insecurity is what they will deliver. Immediate gratifications followed by long term pain, pandemics and hunger.
Woopdy do.. WHEN PRICES FOR things those old folk, who LIVE ON social security, have risen 10 to 20%, GETTING a measly 6.2 % pay rise is NOT CUTTING it!