Thursday, October 28, 2021
News for Retirees


Social Security cost-of-living improve could possibly be highest in almost 40 years

Share this…FacebookPinterestTwitterLinkedin Dominic Genetti, [email protected] Sep. 15, 2021 FILE – On this Feb. 11, 2005 file photograph, trays of printed social…

By Staff , in Investments , at September 16, 2021



FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. The financial impact of the coronavirus pandemic on Social Security and Medicare is front and center as the government releases its annual report on the state of the bedrock retirement programs on Tuesday, Aug. 31, 2021.
FILE – On this Feb. 11, 2005 file photograph, trays of printed social security checks wait to be mailed from the U.S. Treasury’s Monetary Administration providers facility in Philadelphia. The monetary impression of the coronavirus pandemic on Social Security and Medicare is entrance and middle as the federal government releases its annual report on the state of the bedrock retirement packages on Tuesday, Aug. 31, 2021.Bradley C Bower/AP

Social Security recipients might see a major improve subsequent 12 months. 

It is projected that there will likely be a cost-of-living improve of 6.2 % in 2022, in line with the Senior Citizen’s League, which launched the knowledge. This is able to be the most important cost-of-living improve since 1983 when cost-of-living elevated for social security recipients by 7.4 %, Mary Johnson, an social security analyst for the Senior Residents league, identified.

The knowledge additionally says there was a 1.3% cost-of-living improve in 2021, nonetheless, 86 % of recipients mentioned the quantity elevated by extra.


There is not any doubt the COVID-19 pandemic performed a task in retiree spending, and within the wake of this potential cost-of-living improve the Senior Citizen’s League requested retirees about their monetary actions taken through the pandemic between March 2020 and now. The outcomes present quite a lot of routes retirees took.

Out of 547 responses, 34% mentioned they spent emergency financial savings, whereas 20 % made adjustments to their retirement financial savings investments. There was additionally 19% of respondents that mentioned they visited a meals pantry or utilized for SNAP advantages, and 12% mentioned they offered room and board or childcare for his or her grownup kids or grandchildren.



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