Social Security remains on track for biggest raise in 40 years

khou.com ^ | 12:20 PM CDT September 17, 2021 | Andrew Weil

[entropy12]

WASHINGTON — The cost-of-living-adjustment for Social Security recipients next year remains on track to be the biggest in decades, according to the latest estimate from a non-partisan advocacy group for senior citizens.

The annual Social Security cost-of-living adjustment (COLA) is announced in October by the Social Security Administration.

The Senior Citizens League said Tuesday it expects COLA for 2022 to be 6% to 6.1%, based on consumer price data through August. One more month of data will be factored into the final calculation before its announced by the Biden administration.

If the 6.1% estimate holds, it would be the highest cost-of-living increase for Social Security since 1982.

[entropy12]

6.1% raise might just cover my utilities, TV, Internet, phone service etc costs going up.

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[napscoordinator]

Except Medicare will go from 144 to 152. Oops. lol.

[krogers58]

Keep in mind that SS's COLA is backward looking. We get the raise AFTER we've paid inflated prices for the prior year.

[hardspunned]

Hoo Boy! Look at that raise Joe Biden got us. Without Joe we’d be stuck at a lousy one or two percent again. There will be democrats out there selling that line.

[drSteve78]

Yippee, gimme dat moneee

[teevolt]

I’m actually surprised they use CPI instead of PCE for social security benefits.

[FLvoter]

Disgusting how we Don’t care for our seniors. Yet we fund PP, NPR, international charity pyramid schemes, “wars” and on and on and on.

[madison10]

Whoa, that is gonna make a difference. /sarc

[PROCON]

I'll be rich, rich beyond my wildest dreams!

Thanks Joe...uh no I didn't and won't vote democrat.

[Theoria]

And the cycle continues.

[cableguymn]

Nope. Medicare (if you are on it) will rise even more.

It’s what they do.

[entropy12]

Only $152? That is a bargain considering what private health insurance costs.

[entropy12]

I am looking at a depression in near future if Kamala is anointed to presidency, and prices could actually fall, but social security may not get cut if CPI goes negative.

[LouAvul]

Weird, right? They say it's going to be bankrupt in 2035. Then they moved it forward to 2034. Now they're giving a raise.

Weird.

[Jyotishi]

“Yippee, gimme dat moneee”

That’s funnee.

[Parley Baer]

It just illustrates how screwed up the economy has become under the Biden regime.

[Owen]

Projection is $157.70. The 144 number above is 2 years ago.

For you youngsters, this is the premium on Medicare insurance that covers only 80% of your healthcare costs for 65+. It’s not total coverage. Supplemental coverage has to be bought.

At 65+ that supplement is well over $300/month and rises sharply every year, to pay for only 20% of the costs.

[Theoria]

Let’s fight inflation with more spending.

[Pirate Ragnar]

Forget the raise; just send me what I would have made if all the involuntary contributions I made over my working life were held and made 6% interest a year compounded.