Why most feel the 8.7% COLA falls short
Social Security recipients received an 8.7% cost of living adjustment in January 2023, but it is hardly a “raise.” The benefit increase came after seniors had already paid higher prices for over a year. Maurie Backman notes a survey by the Senior Citizens League found 54% of older Americans don’t think their 8.7% COLA will keep pace with rising living costs. About the same number of older consumers said that their living expenses rose more than 8.7% in 2022. Backman explains the COLA calculation and a history of insufficient COLA payouts in the full piece here.