Massive raise for millions of beneficiaries receiving Social Security retirement, disability, SSDI survivors, and SSI monthly benefits. I have all the details and the breakdown on this topic. All right. Thanks again. Let’s jump right into the topic. So over the last couple of weeks here, we’ve seen a lot of different estimates, a lot of different talk, many different advocacy groups, as well as people coming out giving their estimations as far as how massive this raise could actually be for all of those millions of beneficiaries I mentioned at the beginning of the topic.
By the way, this is 70 plus million beneficiaries that be taking advantage of this raise. So it is a significant percentage of our population. It is a lot of people, 70 plus million people. All right. So in this topic, I do want to give you some additional information, as well as I want to give you some actual evidence as far as where this information is coming from and some of the information that I’m finding out there right now, as far as what the Senior Citizens League is talking about in regards to this raise as well. Now, you’re probably very familiar with the Senior Citizens League. We’ve talked about them many times here on the channel as well. And by the way, they are the advocacy group who is also calling on Congress to approve that one-time $1400 stimulus check. Yes, you called it for the fixed income, just like I said, all those beneficiaries at the beginning of the topic. So the Senior Citizens League is a very good advocacy group. And we certainly want to continue following what they’re doing and, of course, advocating and supporting their efforts as well, because they have a lot of good things up their sleeve, including how they’re reaching out to Congress on that stimulus check.
But again, we can talk about that in a separate topic. I just want to throw it out there. So we’re all on the same page as far as we know, who the Senior Citizens League is. But again, it’s not only them. There’s been a lot of different groups out there, individuals, many people that watch this stuff very closely, giving their best estimates as to what this massive raise could be. Now, I’ve talked about this here a little bit over the last few weeks. I’ve seen numbers coming across the board anywhere between 7.6%, 7.9%. And I even did see some talk about a 10% raise for monthly benefits. Now, again, this is all going to be predicated on what the inflation data comes in at in the months of July, August, and September right here in 2022. In other words, quarter three of the year. So we’re still a few months off from that. So, of course, we don’t know any numbers as of yet.
It talks about a 7.6% raise, and it actually does reference the Senior Citizens League as well as well as one of their representatives and somebody from the Senior Citizens League talking exactly about this. So I do want to give you this information so you can see some of the information and some of the sources that I’m looking at to get some of this information as well. Now, again, as we’ve talked about in previous topics, and I really quickly want to hit on this, which is according to the inflation data, the last number just the other day came in at 7.9%. However, that was for February. The next one coming in will be for March. Well, we already know as of how things are going already in March so far, we’re about halfway through the month as of right now. We already know that the inflation data is probably going to be very hot in March as well. Once again, the estimates that I’m seeing, some people are saying that it’s likely year over year inflation for the month of March is probably going to be anywhere between the 8.3% to 8.5%. That’s huge. I mean, seriously, that is unbelievably big.
High Inflation points to bigger Social Security Cost of Living Adjustment for 2023 by Lori Conish Key Points Retirees may be suffering from sticker shock everywhere from grocery store to the gas pump. Those rising prices could mean an even higher Social Security cost of living adjustment next year, according to one early estimate. Here’s how the annual bump could shape up based on the latest Consumer Price Index data. Retirees who are feeling the pinch of higher prices take heart. There could be a much bigger Social Security cost of living adjustment next year. A preliminary estimate from the Senior Citizens League, a nonpartisan senior group, finds that the 2023 cost of living adjustment, or Cola, could be as high as seven. 6%, based on the latest Consumer Price Data index. In comparison, the Social Security Cola from for 2022 in January was five. 9%, the highest bump in 40 years. The data released Thursday found that the Consumer Price Index for all urban consumers, also known as the CTIU, notched the new 40 year high with an increased 7.9% over the past twelve months. The Social Security Cola is calculated based on another measure, the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPIW.
The CPIU is a more generalized index that tracks retail prices all urban consumers pay. The CPIW, on the other hand, is a more specialized measure of the retail prices affecting urban hourly wage earners and clerical workers. According to the US Bureau of Labor Statistics, high oil prices were one factor in the senior Citizen’s lead current 7.6% estimate. The CPIW puts a higher weight on food, clothing, transportation, and other goods and services compared to the CPIU. To be sure, the official Cola for next year will not be determined by the Social Security Administration until October. Consequently, there are many more months of data still to come. Much of how high next year’s Cola actually turns out will depend on inflation. The Federal Reserve is expected to raise interest rates and thereby attempt to curb rising prices this year. This could push the Cola lower than the current estimate. Price moderation could provide relief for retirees and other seniors who are grappling with high consumer costs. The Senior Citizen League has found that the 5.9% cold for 2022 is already falling short for many retirees. The average retiree benefit is currently around one $564 a month, according to the Senior Citizens League.
But as of March, the benefit would need to be one $698.50 to keep up with the eight 6% year over yearly increase in the CPIW. As of February. To date, there is a total of $107.0.90 shortfall and benefits from the average retiree based on the Senior Citizens League’s calculations. To be sure, Social Security is not intended to replace all of a person’s income in retirement, said Mary Johnson the Social Security and Medicare policy analyst at the senior citizens League. In order to adjust for inflation, retirees would likely have to draw down extra money from a pension or other investments to make up the differences from high record costs, she said.