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Social Security Value of Residing Enhance Will Be 5.9% in 2022

Share this…FacebookPinterestTwitterLinkedin “The assured advantages offered by Social Security and the COLA improve are extra essential than ever as hundreds…

By Staff , in Social Security , at October 14, 2021

“The assured advantages offered by Social Security and the COLA improve are extra essential than ever as hundreds of thousands of People proceed to face the well being and financial impacts of the pandemic,” Ms. Jenkins mentioned in a press release Wednesday.

Nancy Altman, the president of Social Security Works, an advocacy group, mentioned that she welcomed the rise, however that it was not sufficient for seniors to cowl the rising prices of well being care and prescribed drugs.

“You’re glad that you simply get a 5.9 % improve, but it surely doesn’t really feel such as you’re getting 5.9 % when your whole different prices are going up a lot larger,” Ms. Altman mentioned.

Cecilia Dominguez, who’s 68 and lives in Los Angeles, mentioned the elevated advantages would assist her pay for her mortgage, groceries and fuel bills. The advantages make up about 75 % of her month-to-month revenue, she mentioned. Though she retired from her job as a procurement supervisor in 2009, she now works three part-time jobs to maintain up along with her payments.

Ms. Dominguez mentioned she had observed a spike in costs because the pandemic’s begin. It now prices about $95 to replenish her automobile’s fuel tank; six months in the past, she mentioned, she paid $60. (Fuel there’s about $4.50 a gallon, and California costs are usually a greenback larger than the nationwide common.) On the grocery retailer, meat and produce have develop into costlier, she mentioned.

“I can’t even take a look at a steak,” she mentioned. “Eggs are a fortune.”

Martin Feuer, 71, a retired senior compliance skilled on Lengthy Island, mentioned he welcomed the elevated advantages, particularly after years of adjustment will increase hovering round 1 to 2 %.

“Amen,” Mr. Feuer mentioned, “5.9 % is fairly good, truly.”

He worries, nonetheless, that his Medicare Half B month-to-month premium will improve, consuming into his Social Security advantages.

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