BUFFALO, N.Y. — One month from now, we'll know how much more the federal government will pay in Social Security benefits due to inflation.
In the meantime, there's a new estimate that can help Social Security beneficiaries plan. This cost of living adjustment will impact more than 70 million Americans who receive Social Security benefits.
The Senior Citizens League, a group that says it's a nonpartisan group that advocates for seniors, estimates next year's increase will be 8.7 percent. That is nearly 1 percent lower than what its policy analyst predicted a just month ago.
The increase will be based on the Consumer Price Index and other government data.
The policy analyst is worried the federal government puts more weight on gas and transportation costs when the seniors she talks with say they spend a bigger percentage of their incomes on healthcare, housing, and food.
Social Security checks increased 5.9 percent at the start of this year when inflation was more than 7 percent.
The average person collecting Social Security received $1,656 a month this year, so they would get an extra $144 a month starting next year if the predicted increase ends up happening.