In July, Social Security received over 48 million retirees. 89% of these beneficiaries expect the program to cease during retirement.
It's the same for America's large workforce. 84% of non-retirees expect Social Security to be a "major" or "minor" source of income in retirement.
Social Security is/will be a major source of income for most Americans. The Annual Cost Adjustment (COLA) statement in October is so important. This year's Announcement is scheduled October 13.
The Social Security's COLA is a method for the program to recognize variations in the price of goods and services over time.
If the cost of food, shelter, medical care, and other essentials rises, Social Security payouts should rise in lockstep to protect recipients' purchasing power.
Higher inflation should result in the highest year-on-year increase in nominal-dollar gains in history in 2023.
In 2023, recipients will get the largest Social Security rise in four decades.
This was written on the wall when the US inflation rate in June reached 9.1%, the highest in more than four decades.
Next year's COLA has been falling for a month. Mary Johnson, Social Security policy analyst at The Senior Citizens League, had estimated the COLA at 11.4% in 2023.
According to Johnson's September 14 statement, the Social Security COLA is currently on schedule to grow by 8.7% in 2023.