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Social Security recipients getting largest increase in decades – Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania 2021-10-13 10:43:00 –

The Social Security Administration announced Wednesday that social security recipients will receive a 5.9% annual living cost adjustment next year, according to the Social Security Administration’s announcement. This surge will increase retirees’ monthly payments by $ 92 to an estimated $ 1,657 in 2022. Most beneficiaries living today will be the best COLA I have ever seen. ” The reason for the hike is that inflation is also skyrocketing. Approximately 70 million people who obtain social security, including retirees and Americans with disabilities, undergo a Living Cost Adjustment (COLA) each year. It is based on a year of rising inflation and is designed to help beneficiaries deal with rising prices. The adjustment amount in 2021 was 1.3%. This represents an increase of about $ 20 a month for retired workers. Nancy Altman, president of the Advocacy Group’s Social Security Administration, said the 2022 boost would ultimately be more closely aligned with rising beneficiary costs. About 40% of beneficiaries depend on monthly checks for at least 90% of their income, and two-thirds of beneficiaries rely on payment for at least half of their income. A recent study by the Federation of Senior Citizens responded to rising costs of products and services commonly used by retirees. Over 200 emails have been received in the past month, and many retired and disabled senders have stated that rising inflation has made it impossible to pay invoices. Advocates have found that social security benefits have lost 32% of their purchasing power since 2000. Annual adjustments increased by a total of 55%, while general costs for older people increased by nearly 105% over the same period. Gasoline, used cars, household kerosene, bacon, eggs, beef, milk, and soaring households According to AAA, elderly care is the fastest growing for older Americans in the year to July 2021. It was one of the costs. The national average price of gasoline reached $ 3.27 per gallon on Monday. This is the highest in seven years, almost double the price in April 2020. Since 2000, housing costs have risen by nearly 118% and medical costs have risen by 145%, Johnson said. Social security living cost adjustments are based on the CPI-W consumer price index for city wage earners and clerical workers. This is slightly different from the well-known consumer price index of all urban consumers. Medicare Apartment B insurance premiums, which are usually deducted from social security checks, are also expected to increase significantly next year. Medicare trustees estimate in August that standard monthly premiums will jump about 6.7% in 2022.

The Social Security Administration will receive a 5.9% annual living cost adjustment next Wednesday for Social Security recipients. This is the largest increase since 1982.

This surge will increase retiree monthly payments by $ 92 to an estimated $ 1,657 in 2022.

“This will be the best COLA ever seen by most beneficiaries living today,” said Mary Regionson, a senior citizens league social security and Medicare policy analyst.

But that doesn’t mean they can keep spending. The reason for the rise is that inflation is also skyrocketing.

Approximately 70 million people who obtain social security, including retirees and Americans with disabilities, receive a Living Cost Adjustment (COLA) each year.This is based on a one-year increase inflation It is designed to help beneficiaries deal with rising prices.

The adjustment amount in 2021 was 1.3%. This represents an increase of about $ 20 a month for retired workers.

After decades of inadequate growth, the 2022 boost will ultimately more closely match the rising costs of beneficiaries, said Nancy Altman, president of the advocacy group’s social security business. Stated.

“But as big as the paper says, it’s not enough for older and disabled people in bonds to achieve their goals,” she said.

About 40% of beneficiaries rely on monthly checks for at least 90% of their income, and two-thirds of beneficiaries rely on payments for at least half of their income.

According to a recent survey by the Federation of the Elderly, the annual increase has not kept pace with the rising costs of goods and services commonly used by retirees. Over 200 emails have been received in the past month, and many retired and disabled senders have stated that rising inflation has made it impossible to pay invoices.

Advocates have found that social security benefits have lost 32% of their purchasing power since 2000.. Annual adjustments increased payments by a total of 55%, while general costs for older people increased by nearly 105% over the same period.

Soaring gas, used cars, household kerosene, bacon, eggs, beef, milk and home care for the elderly were one of the fastest growing elderly costs in the year to July 2021.

According to AAA, the national average price of gasoline reached $ 3.27 a gallon on Monday. This is the highest in seven years, almost double the price in April 2020.

Housing costs have risen nearly 118% and medical costs have risen 145% since 2000, Johnson said. She said these two categories were not properly explained in the annual adjustments.

Social security living cost adjustments are based on the CPI-W consumer price index for city wage earners and clerical workers. This is slightly different from the wider and better known consumer price index for consumers in all cities.

Medicare Apartment B insurance premiums, which are usually deducted from social security checks, are also expected to increase significantly next year. Medicare trustees estimate in August that standard monthly premiums will jump about 6.7% in 2022.

Social Security recipients getting largest increase in decades Source link Social Security recipients getting largest increase in decades

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