Unfortunately, not all Americans can obtain the announced 8.7% increase from the Social Security Administration this upcoming year. Despite the skyrocketing cost of living, not everyone can benefit from the COLA. You only need to have a look at the price of every single thing, from goods to services, almost everything has gone up. Needless to say that Americans feel that their money is not enough and that they are already spending their savings to cope with the current situation. The SSA just like at the beginning of 2022 is making a new adjustment.
The last change was already significant compared to previous years in which inflation had not been so high. Next year’s nearly 9% boost is not as high as the one that took place in 1981, which was 11.2%. This adjustment made by Social Security will benefit retirees since there can be an increase of up to $146.
It does make a difference for those US pensioners who cannot make ends meet. If their pensions were up to $1,681 this year, they could get as much as $1,827 next year. In this way, they try that those getting a payment can still have the same purchasing power.
Had it not been like that, retirees would become poorer and poorer every year. As we usually have continuous growth, the cost of living tends to go up too. However, not every US citizen that receives an SSA payment will get as much as an 8.7% rise. Do not worry if you are a beneficiary of one of these payments. During the month of December, you should receive a letter with the specific amount. In case you do not get any letter, you can always check it on My Social Securitywebsite.
Depending on the group you belong to, this is the average amount you could get. If you happen to be a Senior couple and you are both getting benefits it could be about $238 per month. Widowers who have got 2 children could get about $282. Widows or widowers could receive about $137 while workers with disabilities about $119. As we have already mentioned, retirees could get about $146. So now, you might get an idea of what y ou might be paid by Social Security and if you are not going to get paid up to 8.7%.
Will the 8.7% increase be enough for those who receive it from the SS?
It is more than likely that future increases in Social Security payments will not be as high as the two last ones. Nonetheless, many retirees claim that due to the exorbitant prices of most things it is not sufficient.
Despite the fact that many US beneficiaries will get some extra cash, they believe they will not be able to buy or pay for as many things as they would like to. There are some ordinary purchases. And, together with those unexpected events like a flat tire in your car or a broken pair of glasses, it will be more challenging than ever before to get by.