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COLA 2022: Social Security benefits will increase by 5.9% next year

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R.Recipients of social security payments in the United States are poised to see a boost in the cost of living adjustment (COLA) in 2022.

The increase is due to the United States experiencing a rebound in the price of raw materials across the country, as well as fuel and automobiles.

Considerable increase in COLA by 2022

As confirmed by the Social Security Administration on Wednesday, the The cost of living adjustment for 2022 will be 5.9 percent., a large increase from the 1.3 percent adjustment that was in effect in 2021. What’s more is that it would also be the largest increase seen in the United States since 1982 – 40 years ago.

This is due to the notable increase relative to the COVID-19-inspired peak of inflation, following years of minor increases in consumer prices.

Therefore, given that the average retiree received a monthly check for $ 1,565 in 2021, Next year’s increase means they will have an additional $ 92 a month. available in 2022, increasing the payment to $ 1,657.

Why will the COLA increase in 2022?

One of the most important factors is the performance of the economy in the coming months, although SALARY READJUSTMENT is usually announced in October, and largely depends on interest rates and whether or not the Federal Reserve.

It has already been confirmed that SALARY READJUSTMENT it will increase, although the exact percentage has yet to be announced.

“While no one knows the exact percentage of the COLA increase that retirees will see in January, we do know that there will be an increase,” reads the Seniors Leaguewebsite.

The Senior Citizens League wants a fourth stimulus check

According to the Seniors LeagueMay’s inflation rate was higher than anticipated and that is expected to be the case again in October.

With this in mind, they are working on Capitol hill in the hope that a fourth stimulus check will pass. The White HouseHowever, he has practically ruled out that possibility.

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