Biggest Social Security Boost In 40 Years Will Aid 68 Million Americans
Estimates from the Senior Citizens League say older Americans could get a cost-of-living increase of around 6% next year--the largest jump in 40 years. Separately, experts warn that covid-based tax collecting shortfalls mean full Social Security benefits may now have to be cut back in 2033 instead of 2034.
Social Security Could Get Biggest Cost-Of-Living Increase In 40 Years Amid COVID-19-Related Inflation Surge
After years of puny increases in their Social Security checks, older Americans will likely get the equivalent of a big raise next year. The 68 million people -- including retirees, disabled people and others – who rely on the benefits are likely to receive a 6% to 6.1% cost-of-living adjustment next year because of a COVID-19-related spike in inflation, according to the Senior Citizen League. Such a rise would far outpace 1.4% average bumps in Social Security payments since 2010 and amount to the largest increase since 1982, according to the Senior Citizen League. (Davidson, 9/14)
Social Security Cost-Of-Living Adjustment Could Be At Least 6% In 2022
The Social Security cost-of-living adjustment for 2022 could be 6% to 6.1%, according to the latest estimate from The Senior Citizens League, a no-partisan senior group, based on new consumer price index data released Tuesday. The Social Security Administration typically announces the cost-of-living adjustment for the following year in late October. One more month of CPI data will be released and factored into the final calculation. (Konish, 9/14)
'Not About Our Grandchildren Anymore:' Experts Warn About Future Of Social Security
COVID -19 has touched just about every aspect of life in this country, so it may come as no surprise that with millions of people losing their jobs as a result, it’s led to a dramatic decrease in the amount of payroll taxes being collected by the Social Security Administration. Experts now say the projection of when full benefits may have to be cut back has been moved up a full year, from 2034 to 2033, as outlined in a report by the Social Security and Medicare Boards of Trustees. (Frazao, 9/13)