Retirees feeling the impact as Social Security checks fell short last year: report – By Lawrence Richard (FOX Business) / Jan 15, 2023
The Senior Citizens League reported the 5.9% inflation adjustment was 46% short of the actual inflation figure on average each month
America’s senior citizens and retirement community might be feeling the additional financial strain in recent months as there was a big shortfall in their Social Security payments last year.
According to the nonpartisan Senior Citizens League, there was a sharp increase in the cost of living in 2022, and inflation-adjusted payments given to Social Security recipients decreased in that same year. This resulted in a 46% gap in the monthly benefit checks received by 70 million Americans.
The organization reported Social Security recipients received a 5.9% cost-of-living-adjustment (COLA) last January, which saw the average benefit check increase $92.30, from $1,564 in 2021 to $1,656.30 for 2022.
The league reported, however, that the 5.9% inflation adjustment was short of the actual inflation figure every month by 46% on average.
