The effects of inflation can be felt by almost everyone any time they go shopping. Unfortunately, some economists predict inflation won't be where it usually is until 2024.
But that doesn't mean help isn't on the way for some Americans.
Cost-of-living raises
It may sound dry, but older Americans on social security are well aware of cost-of-living adjustments, which are the increase in pay Americans on social security get each year. The adjustments are based on the consumer price index, which measures inflation and has been at 40-year highs for most of the year.
Right now, the expectation is the adjustment in 2023 will be 8.7%, according to the Senior Citizens League. For example, someone who receives a $1,000 check every month would see $87 more.
Right now, it's just an estimate of the increase. The October consumer price index, which is expected on Oct. 13, will be a key factor in determining the exact amount.
Of course, many older Americans yearly have cost-of-living adjustments wiped out by Medicare increases. However, there may be some relief on that front, too. President Joe Biden announced last week that Medicare Part B premiums would go down next year for the first time in over a decade.
