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The expected $92 average “raise” is less than many will actually keep

Seniors were pleased to hear a cost of living adjustment (COLA) of 5.9% is on its way effective January 1st.  But the largest increase in 40 years is due to rampant inflation.  The bump up to someone earning the average benefit of $1,559 per month will be $92 per month.  But Maurie Backman notes $10 of it will go to higher Medicare premiums (Medicare Trustee estimate), another $15 for rising fuel costs, and another $20 for higher supermarket prices.  Suddenly the so called raise is cut in half.  The author underscores the need for seniors to have income outside of Social Security because COLAs have historically done a lousy job of keeping pace with inflation.  Now, after years of stingy COLAs, Social Security beneficiaries are playing catch-up.  Full article here.



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