SSA bases its cost-of-living adjustment on average annual increases in the consumer price index for urban wage earners and clerical workers, or CPI-W, from July through September. Where are the workers? With unemployment benefits cut off in many states, Americans returned to work, right? 'Crisis level': Child care providers grapple with a worker shortage as federal relief is slow to help "Social Security is the largest source of retirement income for most Americans and provides nearly all income (90% or more) for one in four seniors." "The guaranteed benefits provided by Social Security and the COLA increase are more crucial than ever as millions of Americans continue to face the health and economic impacts of the pandemic," AARP CEO Jo Ann Jenkins said in a statement.
The sharp increase is tied to a COVID-19-fueled spike in inflation after years of paltry consumer price increases.įor the average retiree who got a monthly check of $1,565 this year, the bump means an additional $92 a month in 2022, boosting the typical payment to $1,657. The roughly 70 million people – retirees, disabled people and others – who rely on Social Security will receive a 5.9% cost-of-living adjustment next year, the Social Security Administration said Wednesday.
Older Americans scraping by on meager increases in their Social Security checks the past decade will reap a relative windfall next year.
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