Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.
FILE - A man shops at a supermarket on Wednesday, July 27, 2022, in New York. On Thursday, Oct. 13, 2022, the U.S. government is set to announce what's virtually certain to be the largest increase in Social Security benefits in 40 years. The boost is meant to allow beneficiaries to keep up with inflation, and plenty of controversy surrounds the move. The U.S. government announced Thursday that Social Security beneficiaries will see an 8.
Since the 2008 financial crisis, the U.S. government has announced zero increases to Social Security benefits three times because inflation was so weak.That's the intent. As Americans have become painfully aware over the past year, eachNo. The first American to get a monthly retirement check from Social Security, Ida May Fuller from Ludlow, Vermont, got the same $22.54 monthly benefit for 10 years.
The CPI-W, meanwhile, covers only about 29% of the U.S. population. It has been around longer than the CPI-U, which the government began compiling only after the legislation that required Social Security's annual increases be linked to inflation.Yes, and some critics have argued for years that Social Security should change to a different measure, one that’s pegged to older people in particular.
All indexes give just a rough approximation of what inflation really is. But the more pressing challenge may be that if the government switched to a different index, one that showed higher inflation for older Americans, Social Security would have to pay out higher benefits. “The COLA doesn't take into account where you live or your actual spending patterns,” said William Arnone, CEO of the National Academy of Social Insurance."For some people, it's an overstatement of cost of living for, say, small towns in the Midwest versus urban areas like New York, D.C. or Chicago. With many older people choosing to live in suburban areas or rural areas, some will benefit more” than others from the same-sized increase.
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US set to announce huge jump in Social Security paymentsTens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.
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Social Security payments set for big increase. What to know.Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes. Here's what you should know.
Weiterlesen »
Social Security payments set for big increase. What to know.Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes. Here's what you should know.
Weiterlesen »
Social Security payments set for big increase. What to know.Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.
Weiterlesen »
Social Security payments set for big increase. What to know.Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes.
Weiterlesen »