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Inflation Beats Social Security Increase 3:1Come January 2008, Social Security (SS) benefits will come in about 2.3 percent higher, or an extra $24 per month on average. There are about 50 million in the United States on benefits who will earn what the government calls a “cost of living adjustment,” and another 4 million will see an increase as supplemental security income recipients. The average SS check will come in at about $1,079 per month. Medicare premiums will increase 3% to $96.40 per month. The government ties the rise to its core price index which doesn’t include volatile price increases for food, energy, or health care. The Consumer Price Index since year 2000 has grown from 169 base points to 208.5 base points for an actual increase of 39.5 % during the period. Payments have increased by about 12%. Inflation so far through September 2007 is running at 6.1%, or the highest rate since 1982 . |
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