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.
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.
Read more at CBS News.
{Matzav.com}
Don’t worry. The DemocRATs will find a way to take it back from you. They could raise the monthly cost of Medicare. They could raise the amount of tax you pay on Social Security, etc. Then there are the hidden ways that they could take back what is given to you. They’ll find ways.
We senior citizens don’t win. The minutes we get a cost of increase starting Jan. 1st, we get fewer food stamps of the same value.