"Social Security may run out of money in 2032, and it will cut benefits to 72% of what the total payout should be. For now, however, Social Security will continue to pay COLA, or the cost-of-living adjustment will increase. One of the most accurate forecasters of the move up is The Senior Citizens League (TSCL). TSCL puts the increase for next year at 2.7%. Last year, the number was 2.9%. The latest number means inflation is falling-a little."
"TSCL says Americans should be happy that there are increases, but they are inadequate in today's economy. TSCL executive director Shannon Benton said in a statement. "[Our] research shows that many seniors believe the COLA does not adequately capture the inflation they experience." About 68% of Americans collect Social Security. The forecast for next year would push the average payment to $2,062. By itself, it barely gets people above the poverty level, if that is all they earn."
Social Security reserves may be exhausted by 2032, which could require benefit cuts to about 72% of scheduled payments unless funding changes occur. The Senior Citizens League forecasts a 2.7% cost-of-living adjustment for next year, down from 2.9% last year, reflecting slightly lower inflation. About 68% of Americans collect Social Security and the projected average payment of $2,062 would barely exceed poverty thresholds for many recipients. Twenty-seven percent of adult recipients rely solely on Social Security. Claiming at 62 reduces benefits, full retirement is at 67, and delaying to 70 increases payments.
Read at 24/7 Wall St.
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