Is the COLA increase enough to cover inflation?
Each yar the cost-of-living adjustment (COLA) for Social Security beneficiaries is supposed to keep benefits in line with annual price rises. In October the Social Security Administration announced a 40-year high of 8.7% for the 2023 COLA boost, but there is still concern that this may not be enough.
Senior Citizens League policy analyst Mary Johnson told CNET: “We anticipate an ongoing shortfall in 2023.”
She added: “The rate of inflation has fallen significantly from where it was a year ago, but we’re still in a high-inflation period.”
The National Council on Aging has also dismissed the 8.7% rise as ”insufficient,” adding: ”Our nation’s support programs are not meeting today’s realities,”