Social Security Payments To See Largest Increase In 40 Years
CDN – https://www.conservativedailynews.com
by Harry Wilmerding -
Americans who receive Social Security benefits will see the largest increase in their payments in 40 years, according to the Social Security Administration.
According to the Social Security Administration (SSA), next year’s cost-of-living adjustment (COLA) will be 5.9%, translating to an additional $92 for average monthly benefits and a total payment of $1,657 each month.
The 5.9% COLA is the largest increase since 1982, when the adjusted cost-of-living reached 7.4%, according to the SSA. The adjustment is calculated based on the Bureau of Labor Statistics’ (BLS) monthly inflation report.
The Consumer Price Index (CPI) increased by 0.4% in September, bringing the key inflation metric’s year-over-year increase to 5.4%, the BLS announced Wednesday.
The SSA also announced that the maximum earnings subject to the Social Security tax will increase to $147,000 in 2022, a 2.9% increase from 2021’s $142,800 maximum earnings subject to the tax.
The direction of inflation will ultimately determine the extent to which the COLA will impact recipients, Naomi Fink, a retirement economist at Capital Group, told The Wall Street Journal.
“If price rises turn out to be fleeting and reflect temporary supply shock and they subsequently show much more modest rises in 2022, then that would be quite positive for those that got that windfall cost-of-living adjustment,” Fink told the WSJ. “If in 2022 we see equal or even greater price rises and revisions to long-range inflation forecasts, it’s a different picture.”
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]
Social Security Payments To See Largest Increase In 40 Years is posted on Conservative Daily News – Where Americans go for news, current events and commentary they can trust – Conservative News Website for U.S. News, Political Cartoons and more.
CDN – https://www.conservativedailynews.com
Source: https://www.conservativedailynews.com/2021/10/social-security-payments-to-see-largest-increase-in-40-years/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).