A new survey found that 45 percent of respondents on Social Security said that 90 percent or more of their incomes were dependent on that money.
Seniors' cost of living adjustment is predicted to decrease nearly 6 percent compared to the current rate due to lower inflation, which policy analysts say could hamper older Americans already on a tight budget.based on the Consumer Price Index for Urban Wage Earners and Clerical Workers —the index used to determine the COLA. The current 8.7 percent rate is the highest received by Social Security recipients in more than 40 years.
Also, seniors generally spent about half of their income on housing, including maintenance, repairs and insurance for owning a home. Medical and prescription costs are also in the top three. Since the CPI-W does not survey those 62 years and older, it does not include the cost of Medicare Part B premiums, for example.
A newer survey conducted this week found that 45 percent of 2,050 respondents said that 90 percent or more of their incomes were dependent on Social Security.via phone that comparing an 8 or 9 percent rate of inflation with the projected 3 percent rate doesn't necessarily address whetherInflation has an overall bigger impact on non-retired workers, due to modest pay increases, he added.
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