How Will Social Security Respond to Higher Inflation?

Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat away at savings and any fixed-income payments they receive, including Social Security benefits. Because of this, we could see a change in how Social Security responds to inflation. Are Social Security Benefits Adjusted for Inflation? Most years, Social Security beneficiaries see a Cost of […]