Do you have a loved one dependent on Social Security in Wisconsin? Maybe you're on Social Security yourself. If so, you should know that Senator Lindsey Graham recently said that "seniors may have to take a little less and pay a little more in" in a recent interview about social security. With inflation currently sitting at 9% in the United States, the thought of receiving a smaller payment from the government or contributing more money to social security is very concerning for millions of people on Social Security. In fact, in the state of Wisconsin the median home cost is right at $231,000, so if the amount of income dips for retirees, there could be a serious financial consequences.
How Cost Of Living Adjustments With Social Security Work
Social Security is a program that is operated by the United States federal government. Individuals pay taxes (called Federal Insurance Contributions Act or FICA) and these taxes then go into a trust fund which then provides benefits to eligible recipients. For example, some recipients include those who are retired, have disabilities, or the spouses or children of workers who have passed away. Social Security benefits are then adjusted upward for inflation each year. This Social Security cost-of-living increase is officially known as the cost-of-living adjustment (COLA). The Social Security Administration does not announce the new year’s COLA until October. So we don't know how much the amounts will change yet at this moment, but October is right around the corner, so I'll be sure to keep you updated as more information comes out.
What do you think about was said by Senator Graham about Social Security? Please let me know in the comments.
Disclaimer: Please note that this article is only for educational and informational purposes.