A recent AARP article says a recent survey found that 90 percent of older Americans worry that Social Security will not keep pace with inflation. Those most concerned are individuals who are not yet receiving their benefits.
The article says, “72 percent of older adults who do not receive Social Security say they worry a lot or somewhat about their retirement benefits keeping up with inflation, compared to 61 percent of current beneficiaries.”
“Social Security benefits are adjusted annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which is used by the Labor Department to track price changes for various goods and services. So, although inflation has risen to its highest level since the 1980s, so too has the increase in benefits Social Security recipients will see from one year to the next.”
Visit AARP to learn more about the cost-of-living adjustment and the survey. You can also visit their online Social Security Resource Center.
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