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The Water Cooler
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Social Security Cost-of-Living Adjustment for 2022 Is 5.9%
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<blockquote data-quote="SlugSlinger" data-source="post: 3653800" data-attributes="member: 7248"><p>Largest cost of living increase in 40 years. Too bad the increase won’t cover the actual inflation increases.</p><p>And it Sure sounds a lot like the 70s, at least the cluster related to uncontrollable cost increase in everything. Only difference now is interest rates haven’t started to sky rocket yet.</p><p></p><p></p><p><a href="https://clark.com/voices/clark-com-staff/" target="_blank">lark.com Staff</a>October 13th, 2021</p><p>The <a href="https://www.ssa.gov/news/press/releases/2021/#10-2021-2" target="_blank">Social Security Administration (SSA) just announced</a> a major year-over-year rise in monthly benefits for Social Security and Supplemental Security Income (SSI) recipients.</p><p></p><p>The October 13 announcement of the 5.9% hike in benefits is the largest cost-of-living raise in nearly 40 years.</p><p></p><h2><strong>Here’s Your Social Security Cost-of-Living Raise for 2022</strong></h2><p>The SSA says the 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2022. Increased payments to SSI beneficiaries will start at the end of December 2021.</p><p></p><p></p><p>The <a href="https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf" target="_blank">average monthly Social Security check</a> in June 2021 was $1,555 for retirees, according to the SSA. That means the 5.9% increase next year will translate to approximately an extra $92 in an average check each month. You can view your COLA notice online through your <a href="https://www.ssa.gov/myaccount/" target="_blank">“<em>my</em> Social Security”</a> account.</p><p></p><p><a href="https://www.ssa.gov/oact/COLA/colasummary.html" target="_blank">COLA</a> is based on the <a href="https://www.ssa.gov/oact/STATS/cpiw.html" target="_blank">Consumer Price Index for Urban Wage Earners and Clerical Workers</a>(CPI-W), a broad measure of the price of food, energy, health care, housing, transportation and more.</p><p></p><p>In years when there is no inflation, there is no increase in benefits. However, benefits are never reduced if there’s no inflation.</p><p></p><h2><strong>Historical Cost-of-Living Adjustments From the Social Security Administration</strong></h2><p>You can see the full history of cost-of-living adjustments <a href="https://www.ssa.gov/oact/COLA/colaseries.html" target="_blank">here</a>.</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3653800, member: 7248"] Largest cost of living increase in 40 years. Too bad the increase won’t cover the actual inflation increases. And it Sure sounds a lot like the 70s, at least the cluster related to uncontrollable cost increase in everything. Only difference now is interest rates haven’t started to sky rocket yet. [URL='https://clark.com/voices/clark-com-staff/']lark.com Staff[/URL]October 13th, 2021 The [URL='https://www.ssa.gov/news/press/releases/2021/#10-2021-2']Social Security Administration (SSA) just announced[/URL] a major year-over-year rise in monthly benefits for Social Security and Supplemental Security Income (SSI) recipients. The October 13 announcement of the 5.9% hike in benefits is the largest cost-of-living raise in nearly 40 years. [HEADING=1][B]Here’s Your Social Security Cost-of-Living Raise for 2022[/B][/HEADING] The SSA says the 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2022. Increased payments to SSI beneficiaries will start at the end of December 2021. The [URL='https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf']average monthly Social Security check[/URL] in June 2021 was $1,555 for retirees, according to the SSA. That means the 5.9% increase next year will translate to approximately an extra $92 in an average check each month. You can view your COLA notice online through your [URL='https://www.ssa.gov/myaccount/']“[I]my[/I] Social Security”[/URL] account. [URL='https://www.ssa.gov/oact/COLA/colasummary.html']COLA[/URL] is based on the [URL='https://www.ssa.gov/oact/STATS/cpiw.html']Consumer Price Index for Urban Wage Earners and Clerical Workers[/URL](CPI-W), a broad measure of the price of food, energy, health care, housing, transportation and more. In years when there is no inflation, there is no increase in benefits. However, benefits are never reduced if there’s no inflation. [HEADING=1][B]Historical Cost-of-Living Adjustments From the Social Security Administration[/B][/HEADING] You can see the full history of cost-of-living adjustments [URL='https://www.ssa.gov/oact/COLA/colaseries.html']here[/URL]. [/QUOTE]
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