Jump to content

Social Security checks may see biggest hike in four decades


Recommended Posts

  • Administrator
Dafey
Quote

 

The 69 million Americans who collect Social Security are on track to get the biggest cost-of-living hike since 1983, with one advocacy group for senior citizens projecting a 6.1% increase to benefits due to surging inflation.

image.thumb.png.4f135dab1d76746eb254037ec6f7b2ff.png

The bad news: Recipients will have to wait for that bump because the Social Security Administration adjusts its payments only once a year, starting with December benefits that are paid in January. That means seniors and other Social Security beneficiaries wouldn't receive a cost-of-living adjustment (COLA) until January 2022. 

In the meantime, prices for everything from gas to groceries are rising at a time when Social Security recipients got what was among the meagerest of COLA adjustments in recent years — a 1.3% increase for 2021. As the pandemic eases, a rapid reopening of the economy is fueling pent-up spending for goods and services that in many cases remain in short supply, prompting inflation to jump 5.4% in June compared with a year earlier.

Based on June's inflation numbers, Social Security recipients next year will see the biggest COLA increase since 1983, when a 7.4% bump went into effect, according to a new forecast from the Senior Citizens League, a nonpartisan group that focuses on issues relating to older people.

https://www.msn.com/en-us/money/retirement/social-security-checks-may-see-biggest-hike-in-four-decades/ar-AAM76mx?ocid=msedgdhp&pc=U531#image=1

 

 

  • Thanks 4
Link to post
Share on other sites
MarinePride

Just 10 more years until I get this pie in the sky entitlement.

  • Like 1
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...