Another reason why there are concerns about Social Security’s solvency is that the U.S. greenback is continuous to weaken whereas the federal government passes extra stimulus payments. The present economic state of affairs, nonetheless, could have an effect on how much money a person receives down the line. The coronavirus disease 2019 (COVID-19) pandemic has led to a rise in medical care and meals inflation however drained the lifetime of out of power, transportation providers, and apparel, among different spending categories. At this level, it’s simply too early to inform if Social Security recipients will obtain a raise subsequent year. Since 1975, the Consumer Price Index for Urban Wage Earners and Clerical Workers has served as Social Security’s inflationary tether, and in all however three of the previous forty five years (2010, 2011, and 2016), beneficiaries have received a COLA.
The Downside Of Claiming Early: Reduced Benefits
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