Social Security Beneficiaries Will See Increase in 2022
Anytime there's something to talk about that's positive and can help someone out, it's worth writing about and worth talking about.
Both of my parents receive benefits from the Social Security Administration and count on this extra income to help pay for bills, gas, and groceries.
Often you hear stories about Social Security going away in about 10 years, that the Government will eventually run out of money. None the less, people need this money to survive.
Who knows what's going to happen down the road or for that matter, years from now. All we can tell you now is that the senior population is about to get a raise in 2022.
We're talking about an increase in 2022 that should be about 5.9%. I guess you could call this a cost of living bump since prices on groceries and gas continue to rise.
According to mlive.com:
The Social Security Administration will be sending out letters to beneficiaries detailing how much increase they will see but you can do a little math to find out how your payment will change.
There are several other factors to consider once this increase takes hold in 2022. One of them is Medicare Part B premiums, which will increase close to around $30.00.
Mlive.com also adds:
This year's benefit is a substantial boost over the 1.3% retirees saw in 2021. Security's annual increase, or COLA, is determined each year using the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, based on the data through the third quarter.
If you're not sure when you will be paid come January, please click on the above link for more additional information.