The Future Of U.S. Social Security
The Old-Age & Survivors Insurance Trust Fund holds $2.8 trillion in reserves, mostly from taxes you pay.
LEARN MORESocial Security Cost-Of-Living Adjustment To Be Announced Thursday
If experts' predictions are accurate, it would be the biggest jump since 1981 — adding an extra $146 per month to the average payment.
Social Security Cost-Of-Living Adjustment To Be Announced Thursday
Jeff Chiu / AP
October 12, 2022
Inflation has been hitting everyone hard – especially senior citizens.
"Everything is so high. You know, you can hardly eat," Mattie Rice said.
And for many of the tens of millions who receive Social Security, their monthly payment isn't cutting it these days.
In fact, a survey from the Senior Citizens League shows 50% of Americans age 55 and older have spent half of their emergency savings.
"People are carrying more debt on their credit card. And there has been a huge jump in the number of people reporting they have signed up for SNAP food stamps, and/or visited a food pantry in the past year," Senior Citizens League Social Security and Medicare Policy Analyst Mary Johnson said.
But, experts say some relief could be on the way.
The Social Security Administration adjusts payments each year, based on data from the consumer price index.
Typically, we see an adjustment between 1% and 3%. Last year, that number soared to 5.9%. And this time, it could reach 8.7%, based on the data.
We won't know until the administration officially announces on Thursday. But if experts are right, it would be the biggest jump since 1981 — adding an extra $146 per month to the average payment.
The move will be welcome news not only to seniors, but some 4 million children who also receive benefits.
However, the future of Social Security is uncertain. A report earlier this year suggested it could become insolvent by 2035.
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