The projected 3.6% COLA will likely fall short as record diesel prices drive up food and freight costs, hitting low-income retirees hardest. Fourteen percent of retirees depend on Social Security for 90% or more of their income, and a 79% payout cut could push millions into poverty. Our analysts combed the entire stock market and named the ten best stocks to buy right now.
Enter your email and see if any of your stocks made the cut. Next year's Social Security cost-of-living increase looks like it will be 3.6%. The AARP made this forecast.
The real figure will be released on October 14. It is based, according to The New York Times, on "the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. It averages the figures for July, August, and September.
That may be fine for people who have a lot of money. For those who don't, it's a problem. Most of the conversation about Social Security is that it will "run out of money".That happens in late 2032.
It really doesn't run out. The payout drops to about 79% of the current total. People choose one of three options.
Social Security defines them as "early eligibility," which can start at 62. People can get the largest payout possible if they wait until age 70. Analysts have proposed several ways to "save" Social Security.
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