American Seniors 62 and older have been hit hard by inflation already. Their 8.7% Cost Of Living Adjustment doesn't start till next year. Russell Gloor, the Social Security Advisor for the AMAC Foundation (AMAC is the Association of Mature American Citizens) says it's coming too late. "The problem is: it's a measure of PAST inflation and not FUTURE inflation. You've already been paying the higher prices that you'll get some money to offset!"
Social Security COLA is Tomorrow's Benefit
He says it's coming too late for those struggling this year. "The additional 8.7% doesn't start until January, 2023. And how much inflation will happen in 2023 we do not know!" Gloor adds there's no way to predict a possible increase in 2024.
He says if the Consumer Price Index in the third quarter of 2023 is more than that same period in 2022, there will be a raise in the Cost of Living Adjustment in 2024. So what can curtail the inflation? "I think a lot probably has to do with changes made in Washington D.C. However, I'm not too optimistic that much is going to change!"
photo:Getty Images
Social Security Cost of Living Adjustment coming in 2023.Photo: Getty Images