Millions of Americans receiving Social Security benefits, including seniors, are expected to get a significant cost-of-living adjustment (COLA) in early 2023 to keep up with the highest inflation in four decades. Currently, according to one organization, the increase might reach 10.8 percent. Comparatively, a Social Security official earlier this month stated that, based on the current inflationary patterns, he anticipates a COLA hike of approximately 8%.
According to a recent analysis by the nonpartisan Committee for a Responsible Federal Budget, people may receive a COLA rise of 10.8% in early 2023 if inflation stays at its present rate, which accelerated to 8.6% in May. People will receive a COLA rise of 7.3 percent if inflation slows throughout the final months of 2022, according to the group.
I am one of the millions of Americans who receive Social Security benefits. I am pleased that benefits will increase next year. However, even with the increase, people will still struggle to survive. My monthly check is less than $900. It is challenging to live off SSI. I wouldn’t be able to live on my own without my roommate. We share expenses, which works well for us. I wouldn’t be able to afford our apartment by myself.
People shouldn’t be expected to live on Social Security benefits. It is expensive to live in America nowadays. Inflation is at record highs. Having a disability can make it even more expensive to live.
According to the National Disability Institute, families with an adult with a disability require 28 percent more income (or $17,690 more per year for a family at the median income level) to achieve the same standard of living as a comparable household without a person with a disability.
Millions of Americans need more than just an annual raise. People shouldn’t struggle to afford necessities such as food and housing. Nobody should be forced to live in poverty. Social Security benefits must provide a livable income for the people who need them most in our country.
Sources:
Goodman, Nanette, et al. “The Extra Costs of Living with a Disability in the U.S. — Resetting the Policy Table.” National Disability Institute, National Disability Institute, Oct. 2020, http://www.nationaldisabilityinstitute.org/wp-content/uploads/2020/10/extra-costs-living-with-disability-brief.pdf.
Heasley, Shaun. “Social Security, SSI Benefits Expected to Increase Significantly.” Disability Scoop, Disability Scoop, 28 June 2022, https://www.disabilityscoop.com/2022/06/28/social-security-ssi-benefits-expected-to-increase-significantly/29922/.
Picchi, Aimee. “Social Security Official: Benefits Likely to Rise 8% Due to High Inflation.” CBS News, CBS Interactive, 10 June 2022, https://www.cbsnews.com/news/social-security-increase-cola-2023-8-percent-inflation/.