New numbers released Wednesday show what people are feeling: Inflation is up, with our costs 3.7% higher than last year.
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But now, if you get Social Security, that means your benefits are going up, too, by 3.6%.
Channel 2 consumer advisor Clark Howard said the cost of living adjustment will help recipients deal with inflation.
“The good news is, for the most part, Social Security recipients have an increase that helps them counteract inflation,” Howard told Channel 2’s Linda Stouffer.
Howard says in 2027, people on Social Security will see more money in their accounts, about $75 a month.
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“One of the great things about the Social Security program is it’s set up with cost of living adjustments so that your check doesn’t seem to get magically smaller effectively year after year after year,” Howard said.
New analysis shows workers are getting a different reality check.
American wages are not keeping up with inflation. So paychecks are falling behind what it costs to fill up and buy everyday food and supplies.
“So employers have the upper hand right now. So you need to stand out in some kind of great way in what you contribute to your employer, things you do that maybe you do better than other people because most companies are just going to default. This year, our raise is 2-point-whatever, whatever they say,” Howard said. “Or even worse, maybe they say there’s a pay freeze, so the only way out of that is to say, ‘Hey, I’m really special in certain ways. I deserve a promotion or a raise.’”
More Americans say they’re falling behind on retirement savings as prices stay high.
A Goldman Sachs survey found just 58% say they’re on track, down 10 points from last year.
Only 39% say they increased their savings this year.
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