Social Security Change Just Went Into Effect This Year
Concern about the future is widespread among senior citizens in the United States as a result of rising inflation, which has reached its highest level in forty years, and a general increase in the cost of living. If the cost of even the most fundamental goods continues to rise, then those social security checks are going to appear to be less and less generous over time. The current state of the economy is unnerving for everyone, but it is especially stressful for people who are living paycheck to paycheck.
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However, despite appearances, all of this gloom and doom could actually result in positive developments for elderly people. The cost of living adjustment (COLA) was just shy of 6 percent in 2022, which resulted in an additional $93 added to the monthly payouts for social security recipients. This major adjustment to social security checks occurred as early as 2022.
However, there are those who believe that this is not sufficient in light of the uncertain future.
Because of this, senior citizens may see an even larger increase in 2023, and it may be a jump of historic proportions. The COLA increase this year was the largest in forty years, but it has the potential to break records next year. Goss went on to say that this is excellent news for people who are eligible for benefits this year because they will see “a relatively high increase to their benefit” as a result of this.
Given the current state of affairs in the nation, this is, of course, nothing more than a prediction. The Social Security Administration won’t make its decision until summer inflation rates are in, so the 8 percent COLA estimate could change depending on how the rest of 2023 plays out. The increase in the cost of living adjustment that occurred in 1981 was the single largest one ever recorded in the history of this country. It was an increase of 11.2%.
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It is not a coincidence that this was the last time inflation was as severe as it was at that time in the nation, and that it occurred prior to the enormous economic growth that the United States experienced in the 1980s. Many people harbor the hope that something similar might occur once more.
It was Ronald Reagan who assisted in bringing the country back to its feet in the 1980s, and few people have confidence that President Joe Biden could do the same thing. However, many people argue that this will only occur if we get rid of the Democrats who are currently in office. Many people believe that the only people who can save the country at this point are former President Donald Trump or another Republican who is focused on the economy.