Income jumped by $105 billion to a record $1.04 trillion as more people worked and earned higher wages, and contributed more.
Beneficiaries got whacked over the head in 2021 and 2022 by raging inflation that outran the COLAs.
Watch out for the costs of housing, medical care, and gasoline.
Biggest COLA since 1982 already eaten up by inflation.
For retirees, 2021 was a nasty year: Red hot inflation and a stingy COLA. In 2022, they might fall behind more slowly.
But it still won’t cover the dollar’s actual loss of purchasing power.
It’s based on CPI-W for the third quarter. July came in at 6.0%.
Will Social Security Be There for You? Yes, but…
“Don’t rely on Social Security”: Inflation adjustments are punitively low, and benefits become more inadequate as you age.