Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security…
The cost-of-living adjustment, or COLA, means the average recipient will receive more than $50 more every month beginning in JanuaryTens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added tois intended to help meet higher prices for food, fuel, and other goods and services.
The short answer is that taxes fund Social Security. The government uses taxes from working people to pay benefits to people who have already retired, people who are disabled, the survivors of workers who have died, and dependents of beneficiaries. While the money is used to pay people currently receiving benefits, any unused money goes to the Social Security trust fund. Some of the money in the trust, together with the Social Security contributions of people in the workforce, pay for future benefits.
“Seniors tend to spend more on medical care in general, including some out-of-pocket expenses like prescription drug costs, that can be very significant,” said Mark Hamrick, Senior Economic Analyst at Bankrate. “Of course, food, shelter, and energy costs are all still elevated. Those are things most people cannot go without.”
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