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October 14, 2021

Social Security checks get big boost amid inflation

Millions of Social Security recipients will get a 5.9 percent increase in benefits for 2022. The increase marks the largest cost-of-living adjustment (COLA) in 39 years amid a spike in inflation.

Estimates from the Social Security Administration show the COLA adds $92 a month for the average retiree, bringing the average monthly payment to $1,657.

An average couple’s benefits would increase by $154, bringing the monthly total to $2,753.

“We wait to hear every year what the increase is going to be, and every year it’s been so insignificant,” New York City resident Kitty Ruderman told AP. “This year, thank goodness, it will make a difference.”

However, some officials are concerned with the long-term financial stability of the program. This year’s Social Security trustee report highlighted the program’s shortfalls, indicating that it would be unable to pay full benefits within 15 years.

Rep. John Larson (D-CN), chairman of the House Social Security subcommittee and author of legislation addressing fixes for the program’s longevity, said constituents tell him seniors feel neglected by the Democrats.

“In town halls and tele-town halls, they’re saying, ‘We are really happy with what you did on the child tax credit, but what about us?'” Larson said. “In a midterm election, this is a very important constituency.”

Source:

Social Security checks getting big boost as inflation rises

One comment on “Social Security checks get big boost amid inflation

  1. I was talking with a friend this week (Oct. 10, 2021) and she made a remark about most elected officials in the US Congress, both houses. She said:
    “I think the vast majority of
    those in Congress are in it for what they can get out of the system and they care very little
    for their constituents and the
    American people.” I said to her:
    “Wow, you stated that so well,
    but it is so sad that it has come down to that.” She and I
    agreed that even though Congress should be consulting
    economics and finance majors NOW to help Congress see what the choices could be in 2032,
    neither of us felt that Congress
    will do anything about it now or in the near future. Remember this- LAWYERS = LOOPHOLES.

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