Senior citizens will see sharpest jump in their Social Security payments in 40 years, government said Today—a boost that affects one in five American households.
why it matters: An employee shortage along with rising costs is pushing up wages. but who No Work only realizes high expenses, so the government is catching up with the rise of inflation during the pandemic.
how big does the gust of wind feel The question of the moment boils down to: whether rising costs are fleeting, or stickier than officials — from the Fed to the White House — anticipated.
- On average, adjustments cost an additional $92 per month in the pockets of seniors. The change will be effective from next year.
- “If in 2022 we see similar or even greater price increases and a revision in long-range inflation forecasts, it’s a different picture.” How senior citizens will be better off, retirement economist Naomi Fink told the Wall Street Journal.
Background: The inflationary pull isn’t just sluggish – prices are rising at a faster rate, data this morning Display.
- Inflation rose 0.4% last month, slightly higher than the monthly climb (0.3%) in August.
Bottom-line: “The pay bump is significant for Social Security beneficiaries and their families as they try to keep up with rising costs,” said AARP CEO Joe Ann Jenkins. said in a statement.