The Future of Social Security: Will Social Security's COLA Boost Mean Benefits Run Out Sooner?
Social Security paid benefits to 65 million recipients in 2021. Since 2010, the system has been bringing in less revenue than it pays out in benefits and covering the shortfall with its reserves. The 8.7% Social Security cost-of-living increase scheduled to be paid beginning in 2023 will provide vital income to retirees struggling to keep up with inflation, but could also put increased financial strain on the Social Security program. Here's a look at what could happen to Social Security in the future.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
