Big 2022 Social Security COLA announced after much speculation
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Big 2022 Social Security COLA announced after much speculation

Social Security recipients are looking forward to the largest cost of living adjustment in four decades in January. The tradeoff, however, is that they may need that added income to counter rising inflation. “COLAs are intended to protect the buying power of Social Security benefits but, according to consumer price data through July of 2021,…

Highest Social Security COLA increase in nearly 40 years could be coming
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Highest Social Security COLA increase in nearly 40 years could be coming

In 2021, Social Security benefits increased by just 1.3 percent, raising the average benefit by only about $20. Social Security recipients can look forward to one of the largest cost-of-living adjustments in nearly 40 years in 2022. The Senior Citizens League predicts an increase of 6.2 percent based on consumer price index data from July. “The estimate is significant,…