By: Tobias Salinger October 13, 2021, 10:55 a.m. ED T2 Min Read
More than 64 million Social Security beneficiaries will get some measure of relief from inflation next year in the form of the highest cost-of-living increase in 39 years.
Benefits will rise by 5.9% in 2022 — an increase of $92 per month in average benefits for retired workers or $154 for a couple with both spouses receiving them — due to the sharp increase in the Consumer Price Index over the past 12 months, the Social Security Administration said on Oct. 13. We believe the widely expected bump in benefits likely will not keep up with Medicare premiums and most likely won’t change the 21% cuts projected in 2034 without Congressional action.
Full Article Here: https://www.financial-planning.com/news/social-security-cola-jumps-in-2022
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