The Social Security Administration announced Thursday that beneficiaries will receive an 8.7% cost-of-living adjustment next year. That’s good news for seniors today who—like all other Americans—are struggling with rising costs, but it comes at the expense of a diminished Social Security system for…
he Social Security Administration announced Thursday that beneficiaries will receive an 8.7% cost-of-living adjustment next year. That’s good news for seniors today who—like all other Americans—are struggling with rising costs, but it comes at the expense of aSocial Security is funded by current workers’ payroll taxes, but since the average worker’s wages increased only 4.
Even before this large COLA increase, Social Security was projected to run out of money to pay scheduled benefits in 2034. Absent reform, that means that anyone who is 55 or younger today won’t receive a single full Social Security benefit. When Social Security runs out of money, retirees won’t receive a $1,750 benefit increase—the average benefit boost for a retired worker in 2023—but instead will be subject to a $5,040 benefit cut.
But while a portion of retirees’ benefits are held harmless from inflation, workers can’t escape rising costs. Despite earning almost $3,800 more per year since January 2021, the average worker is $3,000 poorer afterThose same workers will be the ones who will either receive only a fraction of what today’s Social Security beneficiaries receive, or they will pay substantially more in taxes throughout their lifetimes.
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