Monday, February 6, 2023
New data used to measure government inflations shows that average Social Security benefits fell short of inflation for the past two years. The Social Security Administration uses a measurement called the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W to calculate the cost of living adjustment each year.
The average benefits fell short by about $1,054 from the start of the pandemic through 2022. This excludes Medicare Part B premiums. This is going to be difficult
Continue Reading Social Security cost-of-living adjustments have fallen short of inflation by $1,054 since the start of pandemic