The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security (SS) beneficiaries in January 2023. Increased payments to more than 7 million Supplemental Social Security (SSI) beneficiaries will begin on Dec. 30, 2022.
Each year, we announce the Social Security (SS) annual cost-of-living adjustment (COLA). In 2020, nearly 69 million Americans are receiving a 1.6 percent increase in their SS benefits and Supplemental Security Income (SSI) payments.
The Federal Reserve, our nation’s central bank, has a fair degree of independence, but it is directly accountable to Congress. Among its primary duties, is to oversee U.S. banking and financial services industries and establish U.S. monetary policy. Here are five ways the Fed impacts us…
Inflation is the normal state of affairs in the U.S. economy. Most economists consider an annual increase in the cost-of-living of two or three percent per year to be a manageable level of inflation. This increase usually is a good trend, because it is an indication of a growing economy.