Social Security Recipients to Receive Largest COLA Since 1982

The Social Security Administration (SSA) announced recipients will accept a large 5.9 percent boost in their monthly advantages commencement in Jan 2022. The cost of vital boost (COLA) is good news given a United States is pang from crippling inflation, that is creation it formidable for low-income seniors to means necessities like food and heating their residences.

While it is a largest given 1982, it stays unchanging with a Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from a third entertain of final year. As COLAs typically simulate a health of a country’s economy, beneficiaries competence transport improved this year than they did final year when during a tallness of a pandemic. The regulation for forecasting does not cruise eventualities or surprises, that explains because a 2022 COLA is 4.5 times larger than final year’s boost of 1.3 percent.

Social Security
Courtesy of 401(K) 2012 (Flickr CC0)

Hopefully, discordant to a predictions of some economists, a economy will turn out. Then, a 2022 COLA will assistance SSA beneficiaries cover life’s necessities. However, Medicare premiums will be announced in November, and medication drug prices will continue to rise.

There are roughly 70 million Social Security recipients, including retirees, Americans with disabilities, and others. The normal monthly advantages for late workers will boost by $92, widowed moms with dual kids will see another $178, and for infirm workers, their spouses, and one or some-more children, a COLA boost will supplement $133. Additionally, other infirm workers can design an normal of $76 monthly.

For those collecting amicable confidence advantages who have not reached full retirement age and are working, a extent gain stipend will be increasing by $50 any month before their gain turn taxable during $1 for each $2 warranted over a limit.

Written by Cathy Milne-Ware

Sources:

Investopedia: 2022 Social Security COLA Highest in 40 Yrs; by Jim Probasco
CNN: Social Security recipients get 5.9% increase, though rising prices will equivalent a boost; by Tami Luhby
SSA: 2022 Social Security Changes Fact Sheet
AARP: Social Security COLA 2022: How Much Will Benefits Increase Next Year? By John Waggoner

Featured and Top Image Courtesy of 401(K) 2012’s Flickr Page – Creative Commons License
Inset Image Courtesy of Bruce Bortin’s Flickr Page – Creative Commons License

Social Security Recipients to Receive Largest COLA Since 1982 combined by Cathy Milne-Ware on Oct 16, 2021
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