Soaring inflation continues to erode Social Security purchasing power + How Much the Average Person

Soaring inflation continues to erode Social Security purchasing power How Much the Average Person Collects in Social Security #SocialSecurity #SSI Consumer prices surged 8.5% annually in March, marking the fifth straight month of 40-year-high inflation rates. While soaring inflation undoubtedly impacts all American consumers, it can put a more significant financial burden on seniors who rely on a fixed Social Security income, according to Mary Johnson, a policy analyst the Senior Citizens League (TSCL). Average Social Security benefits for retirees increased by $92 monthly in 2022 thanks to the 5.9% cost of living adjustment (COLA), but Johnson said this pay bump is insufficient to keep up with the current rate of inflation. She estimates the 2022 COLA has fallen short by $ this year so far due to rising consumer prices.