By Katherine Rodriguez | NJ.com
nj.com
(TNS)
The latest cost-of-living projection (COLA) for Social Security remains stable from last month’s projected 3.9% increase.
According to The Senior Citizens League, the cost-of-living estimate for this month is 3.8%, which is one percentage point higher than last year’s COLA of 2.8%.
If a 3.8% COLA went into effect, the average Social Security increase would be $77.
Social Security currently pays the average retiree $2,026.41 per month, but with the predicted increase, that payment would be $2,103.41 per month.
The COLA is meant to help Social Security benefits keep up with inflation, but the calculation that will apply for 2027 is based on inflation from July through September.
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Why doesn’t the latest COLA projection match the average cost of living in the U.S.?
The latest projected increase still doesn’t match the average cost of living in the U.S., which has risen due to inflation.
“We’re seeing inflation on the rise when more than half of seniors already can’t afford basic living standards. We’re talking about food, a roof over their head, and transportation. Many seniors already have to skip doctor’s appointments due to costs, which costs all of us more in the long run when we swap preventative care for emergency care,” Shannon Benton, executive director of The Senior Citizens League, told NJ.com.
“A 3.8 percent COLA might sound like a lot compared to last year’s 2.8 percent, but it won’t be enough to make up the difference between what seniors bring in and what they need to live with dignity,” Benton added.
According to The Senior Citizens League, 44% of seniors, or 24.6 million people, rely solely on Social Security for their retirement income.
That is an increase from 39% of seniors, or 21.8 million people, who reported drawing their sole income from Social Security.
These figures suggest millions of people do not have enough to pay for basic needs of housing, food and health care.
Plus, although a 3.8% COLA would increase the average Social Security check to $2,103.41, the average U.S. cost of living for one person is about $2,700.
Monthly expenses excluding rent average $1,180.70 per month, according to Numbeo, and the average rent for a one-bedroom apartment is about $1,520, according to Zillow.
Photo credit: Markus Winkler/Unsplash
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