Retirees Could Get a Much Bigger Social Security Raise in 2027 Due to Inflation
Everyone's feeling more pain at the gas pump and grocery store, but some older Americans will get some help pretty soon.
Retirees Could Get a Much Bigger Social Security Raise in 2027 Due to Inflation
Overview
The prices of groceries, gasoline, and pretty much everything else seem sky-high these days and are getting higher. There's a silver lining to this cloud, however -- at least for some people. That is, since Social Security's monthly payments are adjusted for inflation, beneficiaries should see a sizable increase in their payments in the foreseeable future.
Just when you think price increases can't get any worse, the Bureau of Labor Statistics reported that the United States' annualized consumer inflation rate reached a three-year high of 4.2% in May, up from 3.8% in April. Food and fuel prices led the charge, although even without these two categories, prices were still up 2.9% year over year.
Details
And the nation's factories, assemblers, and packagers aren't feeling any less miserable. The BLS reported on Thursday that the U.S. Producer Price Index jumped 6.5% year over year last month, or a still-hefty 5.1% when excluding energy and food. Both figures are also at least three-year highs.
Source
Originally published at www.fool.com.
