As we approach the end of the year, many are eagerly anticipating any changes to their Social Security benefits. And if you're one of them, there's good news on the horizon.
It's being speculated that a bigger Social Security check could be in your future. But what's the reason behind this potential increase? Let's take a closer look.
From the very beginning of this movement, I have made a promise to America’s seniors: I will always protect Medicare and Social Security. As president, that’s exactly what I did—and that is what I will do again with four more years as president of the United States… pic.twitter.com/EGIgLzzLXq
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) January 10, 2024
For starters, the cost of living adjustment (COLA) for Social Security recipients is expected to rise in 2022. This is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is used to determine the annual COLA. This index measures the average change in prices for goods and services, and with the current rise in inflation, a boost in benefits is highly likely.
But there's more to it than just inflation. The pandemic has also played a significant role in the potential increase in Social Security checks. The stimulus payments and unemployment benefits provided by the government have been factored into the CPI-W, which has resulted in a higher overall average. This, in turn, could lead to a larger COLA for Social Security recipients.
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However, it's not a done deal just yet. While there is a possibility of a bigger Social Security check, it all depends on the final CPI-W numbers for the third quarter of this year. And with the numbers constantly fluctuating, the final outcome remains uncertain. But for those eagerly awaiting a higher COLA, the possibility is certainly something to look forward to.
Another factor that could contribute to the potential increase is the proposed changes to the way the COLA is calculated. Currently, the CPI-W is used, but there have been discussions of using the Consumer Price Index for the Elderly (CPI-E) instead. This index focuses on the goods and services that are more commonly used by older Americans, which could result in a more accurate COLA for Social Security recipients.
It's worth noting that even if a larger Social Security check does come to fruition, the actual amount may not be as significant as some would hope. With the average monthly benefit being around $1,500, a 5% increase would only result in an additional $75 per month. Nevertheless, every little bit helps, especially for those living on a fixed income.
In conclusion, while nothing is set in stone, there is a possibility of a bigger Social Security check coming your way next year. Whether it's due to inflation, pandemic-related factors, or a potential change in the COLA calculation, the outcome remains to be seen. But one thing is for sure, any increase in benefits would be a welcome relief for many Americans.
What are YOUR thoughts?
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If Biden wins all seniors on Social Security will be hurting more than they are now. I think they should look at the CPI-E which is more realistic. That’s my wish but this Biden Administration doesn’t care about its constituents.
Yes, it would be nice to have more in my Social Security check but there is also a down side as well.
I live on solely my SS check. My eligibility is based on that amount. Therefore when my check may increase, my eligibility for programs such as rent and other Social programs decreases. So in fact, I receive less than before .
Each year I see my rent go up as the SS goes up. That is only one example. Consider the following: living costs are on the rise. There was a time I could afford to go to McDonald’s for a hamburger and coke. Not any more. Going to a movie or a restaurant with a date is out of the question. I could go on and on.
Our country’s senior citizens (of I an one) are being relegated to second-class citizens. This may be progress but not for us.
There is talk of taxing Social Security checks. Should this happen, no telling how many would be impacted.
That is (,Obiden) for you and the dems
The reason Social Security is in financial trouble is that those funds are being spent on people who have never paid into the system. Social Security was never meant to be paid to people under the age of 65 or illegal aliens. Congress keeps allowing more and more people to tap into the system that haver never contributed to it. The American workers who have played by the rules and paid their dues are getting screwed — again.