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by Matilda Charles
Living on Social Security
We've now experienced our 2022 Social Security benefit amount for a couple of months, the 5.9% increase. How are you doing?
The problem is that the COLA (Cost of Living Adjustment) is calculated from July to September the year before. Yes, prices were inching up then, but by December, we were seeing the writing on the wall when the annual Consumer Price Index was already up 7%.
Add to that the hefty Medicare Part B increase to cover the cost of Aduhelm, the Alzheimer's drug most of us will never take. Even though the price was forced down (from $56,000 per patient per year to $28,200 per year), our increased Medicare cost per month won't come down.
Seniors, especially those who only have Social Security for income, are struggling, and not only at the grocery store. Heating costs, gas for our vehicles, furniture, clothing ... they've all gone up.
The dilemma, some say, is that the Consumer Price Index for Urban Wage Earners and Clerical Workers (which establishes the Cost of Living Adjustment) doesn't take into consideration our spending patterns. We don't have the same needs as wage earners and clerical workers, and spend much more on medical and housing, for example.
If you haven't retired yet or if you still have a paycheck coming in, reconsider any plans you have for retirement until your savings are substantial. When you think you have enough, do an experiment before you stop working: Calculate your expected Social Security benefit per month and live on that amount for a long time, at least several months. Six months would be better. What looks fine on paper might not actually be fine when it comes to living on those limited dollars.
And remember that the longer you wait before claiming Social Security, the higher your benefit will be when you do.
