The SSA estimates $2,753 a month for retired couples.
This comes after the 2022 COLA.
Social Security benefits vs. inflation
If you receive Social Security benefits, you can count on the payment to be adjusted for inflation. The SSA implemented a historic COLA of 5.9%. Read more about it here.
Even with the extra money, many people who depend on various Social Security programs as income say they are falling behind. Social Security benefits have lost 32% of their purchasing power since 2000.
Every $100 worth of groceries in 2000 could only get you $68 worth today. This is a lack of purchasing power, and exactly why retirees want their benefits to increase.
Reports have also found that retirees will start to get lower payments in 2034. All of the SSA’s excess funds will be gone and retirees will only get 78% of their full benefit.
There is a proposal called ‘Social Security 2100: A Sacred Trust’ that would make critical changes to Social Security.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]