The U.S. Social Security Administration office is seen in Mount Prospect, Ill., on Oct. 12, 2022.
NEW YORK — Tens of millions of older Americans will see a modest increase in benefits this January when aThe 3.2% raise is intended to help meet higher prices for food, fuel, and other goods and services. The average recipient will see an increase of about $54 per month, according to government estimates. That’s a smaller percentage than last year, because consumer prices have eased, and the COLA is tied to the Bureau of Labor Statistics Consumer Price Index.
“Seniors and people with disabilities tend to spend a greater share of their incomes on health care, and medical prices are rising faster than overall inflation,” she said, adding that most people will still get higher benefit checks overall.The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities.
To determine what amount of Social Security you'll receive, the government calculates a percentage of your highest wages from your top 35 years of earning, factoring in when you choose to start receiving benefits.HOW IS THE COST OF LIVING ADJUSTMENT CALCULATED? “Seniors tend to spend more on medical care in general, including some out of pocket expenses like prescription drug costs, that can be very significant,” said Mark Hamrick, Senior Economic Analyst at Bankrate. “Of course, food, shelter, and energy costs are all still elevated. Those are thing most people cannot go without.”IS THE TRUST RUNNING OUT OF MONEY?
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