CAN I MANAGE
MY EXPENSES WITH COLA 2023?
Social Security Recipients going to get increased benefits, which might be the biggest in 40 Years
BIGGEST IN 40 YEARS
Based on the current inflation rate, COLA 2023 could increase by 9%
COLA 2023
This COLA increase is good news for retirees, BUT don't you think it's directly proportional to inflation?
INflation
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Yes, it's going to increase your cost of living, in other words, your expenses.
expenses
Already, prices of essentials increased compared to last year
ESSENTIALS
food 11%
gas 44%
UTILITY 19%
According to the Bureau of Labor Statistics, let us see some facts to understand Retirees spending patterns
RETIREES SPENDINGS
5 big expenses
HOUSING
UTILITIES
TRANSPORT
FOOD
HEALTHCARE
for HOUSING
RETIREES SPENDs
35% of Monthly budget
33% of Monthly budget
All US Households Spends
for HEALTHCARE
RETIREES SPENDs
$6833/yR
$5193/YR
All US Households Spends
for FOOD
RETIREES SPENDs
All US Households Spends
40% of Monthly budget
39% of Monthly budget
for UTILITIES
RETIREES SPENDs
$3810/yR
$4055/YR
All US Households Spends
OVERALL
RETIREES SPENDs
$50220/yR
$63036/YR
All US Households Spends
Food, Utilities and Gas Prices increases in double digits, in that case even a 9% increase in COLA may not be enough to cover these expenses.
EXPENSES VS COLA
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So its always better to have controlled inflation, though the increase in COLA is less in that scenario
control inflation
Gasoline Prices coming down Federal Reserve taking steps to bring down the inflation
good news
Still, around 64 million Americans who will benefit from social security are eagerly waiting for the upcoming COLA increase!
waiting
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More TO WATCH NOW
SOCIAL SECURITY BENEFITS
14 SURPRISING FACTS ABOUT CPI
Share With Your Friends and Family for whom this information might be useful
SHARE WITH YOUR FRIENDS