Social Security recipients received less than they needed in 2022 as actual inflation was above their inflation-adjusted benefits, according to the nonpartisan Senior Citizens League.
Missouri Rep. Jason Smith reacts to Biden aides reportedly discovering a second batch of mishandled classified documents and Social Security possibly facing insolvency on 'The Evening Edit.'
The organization reported Social Security recipients received a 5.9% cost-of-living-adjustment last January, which saw the average benefit check increase $92.30, from $1,564 in 2021 to $1,656.30 for 2022. This calculated discrepancy resulted in the average Social Security benefit check falling short by more than $42 per month and more than $508 for 2022, according to their report.
The annual inflation rate for 2021 was 7%, but the adjustment for Social Security benefits is calculated based solely on the change in third-quarter reportings of the Consumer Price Index for Urban Wage Earners and Clerical Workers .
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