When is Social Security's COLA announced?
Can I get a COLA increase if I qualify?
There are approximately 70 million Americans who receive benefits from the Social Security Administration,
and retired workers and their dependents accounted for 76.9% of the benefits paid in 2022.
In December, nearly nine out of ten people age 65 and older received a Social Security benefit. One in ten men
and one in ten women rely on Social Security for 90% or more of their income.
It is the COLA that ensures their purchasing power isn't eroded by inflation for all of these people.
According to Johnson, COLA failed to achieve its goal. Only seniors experienced an
increase in poverty between 2020 and 2021, according to the Census Bureau.
According to estimates by the league, Social Security COLAs increased benefits by 78% between January 2000
Does COLA fail recipients?
and February 2023, averaging 3.4% a year, but the cost of goods and services purchased
By typical retirees rose by 141.4%, averaging about 6.2% annually.
Johnson said retired households can only buy about $64 worth of groceries for every $100 they spent on groceries in 2000.
Approximately 40% of the purchasing power of Social Security
Benefits was lost last year compared with 2000, estimates the league.
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