The media report that Social Security payments will rise over 9% next year. The source of the figure is the Senior Citizens League. It specifically puts the figure at 9.6%, which is just above the CPI (consumer price index) rate of inflation for the past several months.<\/p>\n
In its new CPI \u2013 COLA Update\u00a0report, the Senior Citizens League commented that a cost of living adjustment \u201cwould increase the average retiree benefit of $1,656 by $159.00.\u201d The organization admitted that two more months of data will be required until an official figure gets announced.<\/p>\n
The amount Social Security recipients get paid has become essential to the financial lives of millions of Americans. Over 50 million people receive these benefits. In recent years when inflation has run low, payment increases have been extremely modest.<\/p>\n
The increase may affect the overall U.S. economy. Millions of Americans have no income beyond the benefits. In many of these cases, people already struggle to make essential payments, which include those for food, transportation and rent. When the costs eat up the total benefit, these beneficiaries cease to contribute much to the huge U.S. consumer economy that relies substantially on discretionary income.<\/p>\n \t\t\t\t