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Social Security increase 2022 could be biggest in decades – Riverside, California

Riverside, California 2021-09-17 12:38:24 –

If the current estimates apply, how much social security is expected to rise in 2022 is:

Washington — Next year’s social security beneficiary living cost adjustments are on the path to maximum in decades. According to the latest quote From a nonpartisan advocacy group for the elderly.

NS Annual Social Security Living Expenses Adjustment (COLA) Announced in October by the Social Security Administration.

NS Elderly League Tuesday said it expects a COLA in 2022 from 6% to 6.1%, based on consumer price data up to August. One month’s data will be taken into account in the final calculation before the Biden administration announces it.

If the 6.1% estimate holds, then The highest increase in social security living expenses since 1982..

How Much Will Social Security Recipients Get in 2022?

Depending on the situation, for most people the increase is less than $ 100.

According to AARP The estimated average monthly social security benefit for 2021 is $ 1,543. A 6.1% increase in COLA will increase monthly payments in 2022 from approximately $ 93 to $ 1,635 for those who receive that amount this year.

The extra monthly amount certainly helps, but the investment website Motley Fool points out Almost or all of the increase will probably be wiped out by inflation costs.

In 2021, recipients of social security benefits received one of the lowest COLA increases in years. 1.3% in 2021..

So far this year, the Senior Citizens League previously predicted an increase in 2022 of 6.2% and 6.1% in August. Bump in July When 5.3% increase in June..

Mary Johnson, a social security policy analyst at the group, said this year was a “especially difficult” year to predict with certainty.

“The inflation pattern primarily caused by the COVID-19 pandemic was unprecedented in my experience.” Johnson said in the release From the organization.

Social Security Administration Increase in COLA In October, which will come into effect in January 2022.

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