KlondikeDrool t1_iruhk55 wrote on October 11, 2022 at 3:12 AM

Reply to comment by kouassikofi in Social Security boost will help millions of kids, too by AmethystOrator

Wow, that's classic government shortsightedness. Index some amounts to inflation while others are frozen in time forever. Eventually the asset cap will be smaller than the monthly benefit if our fine politicians don't get their act together and fix it. Good luck with that one, I feel your pain!

KlondikeDrool t1_iru54ik wrote on October 11, 2022 at 1:35 AM

Reply to Social Security boost will help millions of kids, too by AmethystOrator

TL/DR: this cost of living adjustment (COLA) is automatic, based on annual inflation. It will definitely be a welcome relief for those dependent on Social Security, but the only reason COLA is so high is because inflation over the past year has been so miserably high.

As per the article:

"while the expected COLA is generous, it is just a catch-up for many older Americans who are often more impacted by price hikes caused by inflation, especially grandparents taking care of grandkids"