COLA increase in 2022 is more than two percentage points above any in the past decade | Phillips Financial

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COLA increase in 2022 is more than two percentage points above any in the past decade

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

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of [FA NAME] and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

This information was developed by Tobias Salinger, an independent third party. The opinions of Tobias Salinger and FinancialPlanning.com are independent from and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.