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Why Your Social Security Earnings May Enhance 5% (or Extra) in 2022 | Private Finance

Share this…FacebookPinterestTwitterLinkedin Information supply: Social Security Administration. YoY = yr over yr. IMAGE SOURCE: GETTY IMAGES. What it means to…

By Staff , in Social Security , at September 18, 2021



Information supply: Social Security Administration. YoY = yr over yr.

IMAGE SOURCE: GETTY IMAGES.

What it means to common retirees

No one will complain too loudly a couple of 5.9% enhance to retirement revenue, however we ought to remember that the common Social Security recipient pocketed $1,558 per 30 days in August, so many individuals will see a rise of lower than $25 per week.

Extra discouraging, nonetheless, is {that a} good portion of that enhance might wind up masking increased prices for on a regular basis items and providers, together with power and healthcare. For instance, the CPI index for electrical energy was 5.2% increased yr over yr in August, and the index for pure gasoline elevated over 21% yr over yr final month.

Moreover, we cannot know if Medicare Half B premiums will enhance till later this yr. Most retirees have these premiums mechanically deducted from their Social Security checks, and in 2021, premiums elevated 2.7%. If Half B premiums enhance once more this yr, then a variety of Social Security’s COLA award is likely to be wanted to cowl your healthcare prices in 2022.

The $16,728 Social Security bonus most retirees utterly overlook



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