Frank Bisignano, Commissioner of the Social Security Administration (SSA), stated that the Social Security program will endure for another 90 years. He made this announcement during an appearance on CNBC’s ‘Squawk Box.’
The SSA will announce its annual cost-of-living adjustment (COLA) on Wednesday. This follows the release of September’s inflation data by the Bureau of Labor Statistics (BLS), measured by the consumer price index (CPI). Currently, the SSA has increased benefits for around 75 million Social Security recipients by 2.8 percent this year.
The Senior Citizens League forecasts a 3.5 percent COLA for 2027, which would be the fourth-highest increase since 2008. This adjustment would raise the average monthly Social Security benefit check from $1,941.76 to $2,009.72 based on August data from the SSA. Bisignano mentioned that people appreciate and anticipate these annual COLAs.
Earlier this year, Bisignano, along with Trump administration officials, noted that Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund is projected to cover only 78 percent of scheduled benefits starting in the early 2030s.
The COLA adjustments are significant for recipients. The federal government issued the first Social Security benefit check in 1937. These adjustments impact many beneficiaries who rely on these funds for a portion of their living expenses.
Leave a Reply