Social Security CPI Increase Coming!
Oct. 12 It Will Happen – But How Big Is Your Increase?
On Oct. 12, the U.S. Bureau of Labor will release the Consumer Price Index (CPI) data for the month of September. This announcement carries significant implications for millions of Social Security recipients, as it determines the annual cost-of-living adjustment (COLA) for the following year.The Consumer Price Index (CPI) is a key economic indicator that measures changes in the prices of a basket of goods and services over time. It provides valuable insights into inflation trends, which, in turn, influence the purchasing power of individuals, particularly retirees who rely on fixed incomes like Social Security benefits. [Newsmax]
2 comments:
Hope there is some left for me when I retire in a few years! After 40+ years of contributing.
If Congress doesn't fix this, and Republicans have been bringing it up for years, our benefits will be reduced by 25% starting in 2034...that's the prediction.
The government needs to stop giving social security to illegal aliens for a starter.
Raising the contributions would help--The payroll tax rate for Social Security is 6.2%. This means that employees pay 6.2% and employers pay 6.2%. Self-employed people will pay the entire payroll tax rate of 12.4%.
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