For Social Security recipients, "there’s no keeping up" with rising costs

Aug 15, 2022
The program is expected to provide a large benefits increase in 2023. Until then, many on fixed incomes have to tighten their budgets.
The Senior Citizens League estimates that Social Security recipients will see a 9.6% cost of living adjustment in the new year.
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How patience can pay off when it comes to filing for Social Security

Waiting until age 70 to file for Social Security means a roughly 76% boost to benefits.
In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. The Social Security Administration announced recipients will receive an annual cost of living adjustment of 5.9%, the largest increase since 1982. The larger increase is aimed at helping to offset rising inflation.
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Being single in the U.S. comes at a cost

Dec 22, 2021
Author Anne Helen Petersen compares being single in the United States to living in a hostile climate like the Arctic.
"Nearly 40% of the population is either single or a single parent, and the ways in which people are falling through these social safety nets” demonstrates the need for change, said author Anne Helen Petersen.
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For people on benefits, inflation adjustments lag behind

Dec 10, 2021
Social security and SNAP benefits are adjusted every year for inflation. While that tends to be enough in normal years, it's not enough right now.
For those on fixed incomes, inflated prices on everyday items like rent and food can hit particularly hard.
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The Social Security increase is historically big

Oct 14, 2021
The 5.9% increase isn't typical, as cost of living increases for Social Security are usually under 2%.
The hike in Social Security payments for 2022 will help seniors cover rising costs for food, health care and rent.
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For retirees on fixed incomes, rising prices for consumer goods can be tough

Jul 13, 2021
Social Security provides cost of living updates. But for those with additional money to invest, inflation can eat into more conservative investments like cash and bonds.

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Biden faces economic obstacles beyond the pandemic's burdens

The list includes dwindling trust funds for Social Security and Medicare and potential bubbles in the housing and stock markets.
Biden will confront "headwinds unlike those that have ever been faced by any modern president," says Eugene Steuerle of the Urban-Brookings Tax Policy Center.
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In first presidential debate, what will we hear about the economy?

Sep 28, 2020
Additional coronavirus aid for state and local governments is a likely point of contention.
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Payroll tax cut could mean Social Security benefits run out sooner

A lot of older Americans rely on Social Security benefits to pay their bills.
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