Social Security recipients may be due for the largest cost of living adjustment (COLA) to their benefits in decades, as the Social Security Administration prepares to address the impact of rampant inflation.
According to a recent analysis by the Senior Citizens League, Social Security benefits are currently being eroded by inflation at a rate of more than 3 percent per year. The league predicts that if this trend continues, recipients will see their purchasing power decline by 11.2 percent over the next 12 months.
A new analysis by the Senior Citizens League, an advocacy group that promotes the interests of the elderly, predicted that Social Security payments could be adjusted by 9.6 percent (about $150 more each month) as inflation continues to devalue the U.S. dollar at the current rate. If this were to come to pass, it would be the largest cost of living adjustment to Social Security payments since 1981, when payments were raised by 11.2 percent….