Will There Be A Social Security Increase

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Will There Be A Social Security Increase – Older Americans won’t be the only ones to benefit from what is expected to be the largest cost-of-living adjustment to welfare benefits in 40 years.

WASHINGTON — Cassandra Gentry, 70, is hoping for a cost-of-living increase in her Social Security benefits — not for herself, but to pay for her two grandchildren’s haircuts and put food on the table.

Will There Be A Social Security Increase

Will There Be A Social Security Increase

The three of them live in an apartment building in Washington that is home to 50 “grandparents,” where grandparents care for children who don’t have parents.

Social Security Benefits Will Increase By 3.2% In 2024 As Inflation Moderates

Gentry, who adopted her grandchildren to keep them in a safe environment, said the increased benefits will help her make ends meet. “I never thought about contributing to Social Security when I was working, but now I rely on it,” said the retired networker. “I’m counting on my security team to take care of these kids.”

Analysts estimate that the Social Security cost-of-living adjustment, also known as COLA, will be around 9% or more in 2023, the highest in 40 years. It will be announced on Thursday morning.

It’s not just the elderly who will get it. About 4 million children receive benefits, and many more will benefit because they are cared for by Social Security recipients, sometimes their grandparents.

The consequences will be far-reaching, especially for low-income retirees like Gentry, who feels the brunt of food and energy costs while caring for a 12-year-old granddaughter and 16-year-old grandson,” she said.

Social Security Cola Increase: Your 2024 Checks Will Be Bigger

She said the increase “will help us and be an advantage because the prices of everything have gone up.”

High inflation has become a burden on the overall economy, prompting the Federal Reserve to raise interest rates in hopes of curbing rising prices.

But in many ways, inflation affects older Americans more than the population as a whole. Medical expenses make up the largest part of the burden.

Will There Be A Social Security Increase

Combined with lower Medicare Part B premiums, the Social Security COLA would put more money in the hands of the 70 million Americans who receive benefits, including many grandparents like Gentry. It was discovered in 2020, according to the US Census. about 2.4 million grandparents are responsible for their grandchildren.

Social Security Benefits Will Increase In 2024, But It Likely Won’t Be Enough

This number has increased significantly since the government adopted a “family care” approach to child protection, which continues to keep children in homes with their future families rather than in foster care.

On the other hand, while Social Security is generally considered a program for older Americans, it is also the nation’s largest child support program.

Since the outbreak, social security has become more important for children because “Covid has taken a lot of parents,” said Maya Rockeymoor Cummings, a senior fellow at Brookings Metro, part of the Brookings Institution, and executive director of Global Policy Solutions. , a social change strategy company.

Last October, the National Institutes of Health reported that at least 140,000 American children under the age of 18 have lost a parent or caregiver to COVID.

Social Security Expansion: Social Security Cola Largest In Decades As Inflation Jumps

Cummings said she estimates the real number is much higher. “We need to understand that the COLA increase will have a positive effect on the whole family, not just the older family,” she said.

Gentry is an advocate for grandparents raising their grandchildren, and the building her family lives in is powerful. She said many grandparents, who are African and support each other in their community, rely solely on social security as a source of income.

Cassandra Gentry and her granddaughter Jada pose for a photo at their home in Washington, Friday, Oct. 7, 2022. (AP Photo/Andrew Harnik)

Will There Be A Social Security Increase

A study by Global Policy Solutions found that African-American children are the most in need of additional assistance from welfare.

Most Social Security Beneficiaries Will Enjoy Their First True

According to the US Bureau of Labor Statistics, grandparents are nearly 60 percent more likely to live in poverty than grandparents who do not care for their grandchildren.

The Child Benefit program, which was expanded during the disaster, has helped tens of thousands of children and their families, helping to reduce child poverty by 46 percent from 2020, according to a September census report.

Nancy Altman, executive director of the advocacy group Social Security Works, said that “benefits in many other federal programs are being cut, but the COLA is what makes Social Security unique.”

“And for children who receive Social Security benefits,” directly and indirectly, “low-income children benefit the most,” she said.

Social Security Cost Of Living Adjustment For 2024 May Be Much Lower

William Arnone, executive director of the Public Enterprise Institute, a Social Security advocacy group, said that while the COLA is expected to be “generous, it’s just a gimmick” for many older Americans, who often suffer the most from the inflation it causes. . through inflation, especially grandparents looking after their grandchildren.

Gentry said she hopes grandparent communities like hers will come together across the country so residents can support each other when resources aren’t available.

She said she also wants to see more federal programs for grandparents like her in policy decisions.

Will There Be A Social Security Increase

“I always say our ancestors are the heroes because we stepped in when no one else did,” she said. “And we got the job done.” A global cost of living adjustment is coming, but it won’t happen. be as big as this year

Social Security Increase 2024: See How Much Benefits Will Rise

This year’s adjustment of social security expenditures is the largest in more than 4 years. However, experts expect it to be much lower next year.

WASHINGTON – Carla Abbott, who is expected to retire next summer, is feeling relieved about the rising cost of living that millions of Social Security recipients face each year. However, given the drop in consumer prices, the new growth will be much lower than this year’s 8.7%.

After 38 years as a nurse, the 61-year-old Sioux Falls, South Dakota resident said she has been saving for retirement since she was 18.

However, she said the increase in Social Security benefits is providing some support as she and her husband plan for their retirement years. “A lot of help will help, especially for those of us who still want to retire,” she said.

How Much Will Social Security Benefits Increase In 2023?

Every year the council adjusts its fees based on inflation. Social Security cost of living (COLA) estimates for 2024 will be released Thursday.

The program pays about $1.4 trillion in benefits annually to more than 71 million people, including low-income people with disabilities.

Charles Blahouse, a former Social Security official, said the annual COLA announcement is a reminder of the program’s financial problems. “This is an important system and we need to get it back on track because if lawmakers can’t do that, then Social Security and its funding system will have to be abandoned,” he said.

Will There Be A Social Security Increase

Social Security and Medicare’s annual report, released in March, said the program’s foundation will not be able to pay full benefits until 2033, the report said. He said.

Voters Reject Republican Proposals To Cut Social Security For Americans Under 50

COLA is calculated based on the Bureau of Labor Statistics’ labor cost index, but there have been calls to use a different measure — and the agency should instead use the CPI-E, an index that measures changes in prices relative to costs. . the older system – for example, the costs of health care, food and medicine.

Mary Johnson, a Social Security and Medicare policy analyst at the Association of Senior Citizens, said her group supports the Social Security Administration using increasingly high standards to protect seniors from the increasing burden.

Any changes to the law will require Congressional approval. But after years of inaction on Social Security and gridlock in parliament following the resignation of Speaker Kevin McCarthy, seniors and activists say they are not convinced any changes will be approved anytime soon.

“I feel there is confusion in Washington,” Abbott said. “Does anyone care what happens to the Ministry of Defense? I have no idea why they can’t meet about something important.”

Social Security Payments To Increase Slightly Next Year

The high cost of living has a big impact on people like Alfred Mason, an 83-year-old Louisiana resident.

Social security is financed through payroll taxes imposed on employers and their employees. The maximum amount of income subject to Social Security tax in 2023 will be $160,200, up from $147,000 in 2022.

There are legislative proposals to improve social security, but they have not passed committee hearings.

Will There Be A Social Security Increase

Jo Ann Jenkins, executive director of AARP, said the group is “urging Congress to do the right thing to keep Social Security strong and provide long-term solutions for America’s workers and retirees.” “

Social Security Benefits Are Heading For The Biggest Increase In 40 Years

“Americans work hard for Social Security and it’s only fair that they get the money they deserve.”

Johnson, a senior policy analyst, said Congress has “no record of successful changes to the Social Security system” and when reforms were passed in

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