“Average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most”
December 20, 2022
“…Even as a 5.9% cost-of-living adjustment went into effect in January, the record high annual benefit increase still fell short, according to new research from The Senior Citizens League.
The average retiree benefit increased to $1,656.30 in 2022 from $1,564 in 2021 — a monthly boost of $92.30, according to the nonpartisan senior group. Yet in every month this year, a bigger increase was needed to keep up with soaring costs due to inflation, the research found.
The average retiree benefit fell short by an average of $42.35 per month, or 46%, the research found. Over the course of the year, that added up to $508.20…”
In other words inflation outpaced the increase.