With inflation surging to a 40-year high and the general cost of living skyrocketing for Americans, seniors citizens are concerned about the future.
If even the most basic items continue to increase in cost, those social security checks are going to look smaller and smaller. And for those who are just scraping by, the current economic climate is even more unsettling.
But in fact, all this potential doom-and-gloom leads to good news for seniors.
Already in 2022, social security checks have seen a big adjustment: the cost of living adjustment (COLA) was just shy of 6 percent, which resulted in an extra $93 added to the monthly payouts.
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Some are saying this isn’t enough given the unstable future, though.
That’s why seniors might see an even bigger increase in 2023 — and it could be a historic jump. This year’s COLA jump was the biggest in 40 years but next year, it might break records.
Chief actuary at the Social Security Administration, Stephen Goss, told CNBC:
Looking at the [consumer price index for urban wage earners and clerical workers] trends that we’re seeing so far this year, it is likely we’re going to have a [cost-of-living adjustment] closer to 8% than 3.8%.
Goss added that this is good news for people who are eligible for benefits this year, because they will receive “a relatively high increase to their benefit.”
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Of course, this is just a prediction given the current situation in the country. The 8 percent COLA estimate could change depending on how the rest of 2023 goes, as the SSA won’t decide until summer inflation rates are in.
So far in this country’s history, the biggest COLA bump came in 1981, when the cost of living adjustment jumped 11.2 percent.
Not coincidentally, that was the last time inflation was this bad in the nation, and preceded the huge economic surge America enjoyed in the ’80s. Many are hoping the same could happen again.
However, many argue it will only happen if we get rid of the Democrats in office — it was Ronald Reagan that helped bring the country back in the 1980s, and few have confidence President Joe Biden could do the same.
Many citizens believe that only former President Donald Trump, or another economy-minded Republican, can save us at this point.