The Impact of inflation on Social Security benefits

Munnell, Alicia Haydock, and Patrick Hubbard. “The Impact of inflation on Social Security benefits”. Issue in Brief 21-14, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, August 2021. http://hdl.handle.net/2345/bc-ir:109258.
PREVIEW Datastream

Abstract

The brief's key findings are: (1) The recent spurt in inflation is an important reminder that keeping pace with the cost of living is one very valuable feature of Social Security. (2) However, some of the inflation protection offered by Social Security's COLA is undermined by two factors: Medicare Part B premiums -- deducted from Social Security benefits up front -- tend to grow faster than the COLA; and a growing portion of benefits are subject to income tax. (3) These factors reduce the net benefit that retirees get to cover shelter, food, and clothing.

Title
The Impact of inflation on Social Security benefits
Author
Munnell, Alicia Haydock
Hubbard, Patrick
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
August 2021
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
21-14
Persistent Link
http://hdl.handle.net/2345/bc-ir:109258
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Social Security

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