 increase in 2023 that affects more than just Social Security monthly benefit payments.){kind=link}
Despite document 8.7% COLA for 2023, “Still more work to do to help seniors”
The Social Security Administration introduced a historic 8.7 p.c COLA enhance for benefits in 2023. The more money every month will assist recipients address inflation to a level when it arrives with January’s funds.
However, there are issues that extra must be achieved particularly within the case of seniors to make the COLA extra conscious of the bills they face that are not used within the present calculation.
The present COLA makes use of inflation figures from the CPI-W, a broad basket of client items and providers. There are calls to make use of the CPI-E which targets items and providers that “would more accurately measure spending patterns of seniors.”
The Senior Citizens League reported lately that because the early 2000s, these on Social Security have misplaced forty p.c of their buying energy.