Benefits likely to rise 8% for inflation, according to Social Security official

According to a worker in the government, high inflation and COLA increases might increase retirees' Social Security income by 8%.

A significant game shift is the price increase in the US.

Social Security is often insufficient for many seniors due to COLA hikes and inflation.

Therefore, the government wants to make some changes, at least going forward.

According to a Social Security official, payouts could rise by 8% as a result of inflation.

Since 40 years ago, this inflation rate is the highest. The highest COLA adjustment since 1981 would be this rise in benefits. A retirement benefit check typically costs $1,658.

The cheque would be increased by $132.64 due to Social Security. The average check would now be $1,790 per month as a result.

A rise in the Social Security check is not always sufficient, though. The increase is insufficient due to a number of external variables.