Social Security COLA Estimate for 2022 Raised to 6.2%

[calendria]

 


 

Update here:

https://www.thinkadvisor.com/2021/08/11/social-security-cola-estimate-for-2022-raised-to-6-2/

The annual cost-of-living adjustment, or COLA, for Social Security benefits in 2022 — usually announced in October — could be 6.2%, the highest since 1983, based on Wednesday’s Consumer Price Index announcement, according to Social Security and Medicare policy analyst Mary Johnson of The Senior Citizens League, which estimated the 2022 COLA would be 6.1% a month ago.

The latest estimate, which is based on July consumer price index data of 5.4%, is especially significant as next year’s COLA will be calculated on the average of third quarter, or July, August and September, 2021 CPI data.

[Donnamarg323]

Every little bit helps.

[Nancy5]

That would be a help for those collecting Social Security.

[ktheodos]

Wow...shows how much inflation has occurred

[bretay]

that would be nice..hubby gets social security and its our only income

[sipingyu]

I am surprised that the adjustment is that high, as you said, the highest for a long time. I think inflation is definitely here.

[mrisha]

I have read something about that via AARP.  Not sure if it's going to increase that much, but would be helpful to a lot of people.

[alina6]

For those working you will be able to put more in your 401(k) plan

[plennis]

Any increae would help.  But some serious work needs to be done with Social Security.  The monies "borrowed" by the federal government need to be paid back..and they should not be allowed to borrow from it any more.  This is a savings account we all pay into not a slush fund for pet projects.

[ghunter]

I don't believe it will happen

[calendria]

 

Update:  Now they experts are saying 7% .  Can't keep up with inflation, as more and more prices are raised, the Cola goes up too.

[potluck6]

hope its that high myself and husband both get it. last year was only 1.3 percent if i remember ,.

[mrsmere]

That sounds good and will be appreciated by many.

[linderlizzie]

Finally, some good news. I like good news. Thank you, calendria. 

[sdenimandlace1]

Sure hop either one of those numbers are correct.  Every little bit helps.