Americans on Social Security are getting a raise
October 16, 2022
Social Security recipients will be getting an 8.7% cost-of-living adjustment! But is that really such good news?
The biggest COLA increase since 1981 is undoubtedly needed, but the Social Security Administration may just be playing catch-up. Writes the AP: “While Social Security recipients welcomed the benefit increase, many said it wasn’t enough to cover the impact of inflation.”
On average, the boost will mean another $146 per month for retirees — in a time when the costs of key food staples are up by double-digit percentagesin the past year. A dozen eggs costs 58% more than it did one year ago.