How big will the social security cost of living adjustment be for 2022?
The adjustment to the cost of living for Social Security could be huge under President Joe Bident. Getty Images  The pain of inflation is often the hardest on the budgets of fixed income retirees. The only bright light from the recent surge in the Consumer Price Index is the potential for a larger Social Security Cost of Living (COLA) adjustment this year. The COLAs estimate of social security in 2021 (for 2022) is between 5.3 and 6.1%. We have not seen an adjustment in the cost of living at this level since 2009. The 2021 Social Security cost of living adjustment will not come into effect until January 2022. Retirees could therefore see their budgets stretch over the next six months. Rental prices go up; groceries are more expensive, real estate prices have gone crazy, Im not even getting into health care and long term care. The COLA Social Security estimate of 5.3% was calculated by the Senior Citizens League, a non-partisan seniors group, and based on data from the Bureau of Labor Statistics Consumer Price Index through in May. In June, the group updated its estimate to 6.1%, which would be Social Securitys biggest COLA since 1983. The last time a Social Security cost of living adjustment was more than five percent was in 2009. Unfortunately, this benefit jump was followed by two years without an increase in Social Security benefits. COLA 2020 for social security increased SS 2021 benefits by just 1.3%. < position="inread" progressive="" ad-id="article-0-inread" aria-hidden="true" role="presentation"/>  MORE FORBES5 biggest social security mistakes to avoid in 2021 The Social Security Administration usually announces the annual Social Security COLA rate during the month of October. The SS COLA is based on the average inflation rate over the previous three months. Depending on who you ask, we might see an acceleration in the rate of inflation, or the price pressures might start to ease. Dont go out and make big spending choices based on a potentially high Social Security COLA. I am optimistic that inflation will return to levels closer to normal in the long run. In the short term, there is so much pent-up demand (in part due to people being stuck at home during COVID); therefore, many sectors of the economy will most likely continue to have higher prices. The amount your Social Security check will increase will be based on a combination of your underlying benefit and Social Security COLA. Assuming the social security cost of living adjustment is at the 6.1% level for 2022 and you collect the maximum social security benefit of $ 3,895, you will get an additional $ 237.60 per month. This would mean an increase of $ 2,851.14 per year. The benefit increase will be a bit more modest for those receiving the average Social Security benefit in 2021. Social Security benefits were on average only $ 1,543 per month in 2021. Again, assuming an SS COLA of 6.1%, you could see your pension benefits increase by $ 94.12 per month. When you live on a fixed income, that extra $ 1,129.48 can do a lot of good. For those of you who are still working, make sure you have other retirement income to help you maintain your standard of living. Even with the maximum Social Security benefits, you will find it difficult to maintain your standard of living just because of Social Security. Work with a trusted financial planner to help you determine the optimal time to claim social security and to help you maximize your benefits. Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/davidrae/2021/07/14/how-big-will-the-social-security-cost-of-living-adjustment-be-for-2022/ The mention sources can contact us to remove/changing this article  What Are The Main Benefits Of Comparing Car Insurance Quotes Online  LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. 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