Social Security COLA 2022: How Much Will Benefits Increase Next Year?

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    • #436820
      RCW2020
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      • Total Posts: 685

      Due to rising inflation, beneficiaries could get their biggest raise in over a decade.

      by John Waggoner, AARP, July 16, 2021

      Social Security beneficiaries could get a 5 percent cost-of-living adjustment (COLA) in 2022, the highest since 2008, due to the recent burst of inflation.

      “The COLA will no doubt be higher than it has been for the last decade, probably in the 5 percent or higher neighborhood because of rising prices,” says David Certner, legislative counsel and director of legislative policy for government affairs at AARP.

      Any estimates are preliminary, and the actual COLA will depend on changes in prices between July and the end of September. The Social Security Administration typically announces the amount of the annual adjustment, if any, in October. The increase in benefits typically goes into effect in January.

      Rising prices
      Estimates for the 2022 COLA range from 4.5 percent from Moody’s Analytics to 6.1 percent from The Senior Citizens League. Economist Bill McBride, who writes the finance and economics blog Calculated Risk, estimates the 2022 COLA at 5.5 percent.

      In contrast, the increase that went into effect in January 2021 was 1.3 percent, or an average of about $20 a month for individuals. A 5 percent increase would boost the average monthly benefit by about $77.

      Link to source…

    • #436824
      djean111
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      • Total Posts: 6,439

      in my budget.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      Everything I post is just my opinion, and, honestly, I would love to be wrong.

    • #436833
      retired liberal
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      • Total Posts: 4,276

      is that 5% of the current double digit inflation rate?

      We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
      If you are wrong, it will be because you are not cynical enough.
      The older we get, the less "Life in Prison" is a deterrent.
      Always wear a proper mask when out and about. The life you save could be both yours and mine.

      • #436839
        djean111
        Participant
        • Total Posts: 6,439

        If, say, the official increase is 5.3%, then just multiply whatever you currently get by 1.053.  Then, of course, subtract whatever the new Medicare premium is.  That will be your first payment in January.  I really really fucking wish they would go to a specific date to release the funds , not “third Wednesday” crap.

        America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

        Everything I post is just my opinion, and, honestly, I would love to be wrong.

        • #436845
          retired liberal
          Participant
          • Total Posts: 4,276

          They’ve been using S/S raises to increase the Medicare rate for many decades. From at least the 1980’s as I remember. Probably much longer.
          Anything used to screw us commoners over is good to go for our owners. They are just smart enough to use baby steps and too many of us are just dumb enough to let them.

          I need to use the sarcasm tag more often.

          We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
          If you are wrong, it will be because you are not cynical enough.
          The older we get, the less "Life in Prison" is a deterrent.
          Always wear a proper mask when out and about. The life you save could be both yours and mine.

          • #436868
            djean111
            Participant
            • Total Posts: 6,439

            What may be a disgusting aide effect of a COLA – Biden/Harris/Democratic Party will probably try and take credit for it whilst watching it disappear in real time.  Excellent campaign fodder.  And then use it as an excuse to not help anyone.  I can imagine Biden cackling about the COLA and not reading anything about increased Medicare premiums off his cue cards.  @retiredliberal

            America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

            Everything I post is just my opinion, and, honestly, I would love to be wrong.

            • #436879
              retired liberal
              Participant
              • Total Posts: 4,276

              I have my own private stash and a supply of seeds for more.

              We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
              If you are wrong, it will be because you are not cynical enough.
              The older we get, the less "Life in Prison" is a deterrent.
              Always wear a proper mask when out and about. The life you save could be both yours and mine.

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