“The guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans.”ĭata from July show more than half of older women living alone are poor according to federal poverty standards or don’t have enough money to afford essential expenses. “Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors,” AARP CEO Jo Ann Jenkins said in a statement. The adjustments are intended to improve buying power of the nearly 70 million Americans who receive Social Security benefits.įor the average retiree, monthly benefits come out to around $1,656, and the 8.7 percent increase means these beneficiaries may see $144 extra cash in each payment, beginning in 2023. In 1980, inflation was above 14 percent yet declined to 3.5 percent in the latter half of the decade the COLA followed suit, declining to 5.4 percent in 1990. The COLA is equal to the percent increase the Senior Citizens League, a bipartisan advocacy group, estimated in September.Īmerica is changing faster than ever! Add Changing America to your Facebook or Twitter feed to stay on top of the news.īetween 20, average annual COLAs increased by just 1.7 percent, while COLAs have only risen above 8.7 percent three times - between 19 at 9.9 percent, 14.3 percent and 11.2 percent, respectively.
Each year, COLAs are automatically applied based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
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