As we approach the end of the year, many are eagerly anticipating any changes to their Social Security benefits. And if you're one of them, there's good news on the horizon.
It's being speculated that a bigger Social Security check could be in your future. But what's the reason behind this potential increase? Let's take a closer look.
From the very beginning of this movement, I have made a promise to America’s seniors: I will always protect Medicare and Social Security. As president, that’s exactly what I did—and that is what I will do again with four more years as president of the United States… pic.twitter.com/EGIgLzzLXq
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) January 10, 2024
For starters, the cost of living adjustment (COLA) for Social Security recipients is expected to rise in 2022. This is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is used to determine the annual COLA. This index measures the average change in prices for goods and services, and with the current rise in inflation, a boost in benefits is highly likely.
But there's more to it than just inflation. The pandemic has also played a significant role in the potential increase in Social Security checks. The stimulus payments and unemployment benefits provided by the government have been factored into the CPI-W, which has resulted in a higher overall average. This, in turn, could lead to a larger COLA for Social Security recipients.
🚨BREAKING🚨
+ 10,000 illegal aliens, using the same exact social security number voted in the Nov 3, 2020 election, and this is just in the border state of Arizona,
📝Katie Hobbs belongs in prison, https://t.co/XoEynYoTZI pic.twitter.com/Zx8DKb6xAB
— 🇺🇸RealRobert🇺🇸 (@Real_RobN) March 21, 2024
However, it's not a done deal just yet. While there is a possibility of a bigger Social Security check, it all depends on the final CPI-W numbers for the third quarter of this year. And with the numbers constantly fluctuating, the final outcome remains uncertain. But for those eagerly awaiting a higher COLA, the possibility is certainly something to look forward to.
Another factor that could contribute to the potential increase is the proposed changes to the way the COLA is calculated. Currently, the CPI-W is used, but there have been discussions of using the Consumer Price Index for the Elderly (CPI-E) instead. This index focuses on the goods and services that are more commonly used by older Americans, which could result in a more accurate COLA for Social Security recipients.
It's worth noting that even if a larger Social Security check does come to fruition, the actual amount may not be as significant as some would hope. With the average monthly benefit being around $1,500, a 5% increase would only result in an additional $75 per month. Nevertheless, every little bit helps, especially for those living on a fixed income.
In conclusion, while nothing is set in stone, there is a possibility of a bigger Social Security check coming your way next year. Whether it's due to inflation, pandemic-related factors, or a potential change in the COLA calculation, the outcome remains to be seen. But one thing is for sure, any increase in benefits would be a welcome relief for many Americans.
What are YOUR thoughts?
We want to hear from you! Please comment below to join the discussion.
They cut retirement by 21% back around 10 years ago. Said had to be done as no money in system. Now talk about cutting 21% again by 2035. Thus is money that the employee and company pay into. Then they steal out of it. I know of at least 10 people who paid into but did not live long enough to retire. If they would not steal from SS the money for each that has paid in would be there with plenty left over. They just continue to F*** the American people.
Several presidents, both repuklicans and demonRATS were guilty of raiding the SSA trust Fund. The way they did it was really evil. Originally the SSA Trust fund was “locked” fund with no key to get at it. Then some liberal government employee came up with the idea that the investments that were made with the fund money did very well. So the fund had more money than it needed. So funds above the estimated necessary amount could be taken out for whatever Congress wanted it for. Congress could have said “NO” the money can’t be touched but they did not say “NO”. Congress as everyone knows does not contribute to the SSA program. Congress has it’s own SS fund that is funded by we taxpayers not by members of Congress. They have a free taxpayer supplied pension fund. Does anybody wonder why Congress would allow the SSA Fund to be raided ??? It’s not rocket science folks. Congress doesn’t give a damn about our retirement because they are all well taken care of by we the people. Write your members of Congress and ask them about it. They will of course deny it but there is proof on the internet if one cares to find out. We are just the worker bees t the Drones in Congress.
Cut all the illegals loose from any MONEY. Cut all extra benefits from all elected office holders . Deport ALL illegals!!