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A 6.1% Bump in Social Security?
COLA and Social Security.
Provided by Stuart Cooper, CRPC®, Michael Chatterton, CRPC® Gerran Batterberry & Michael Pozzi
The news keeps getting better for Social Security recipients.
It's now projected that benefits will increase 6.1% in 2022, up from the 4. 7% forecast just two months ago. That would be the most significant increase since 1983.1,2
It's all about inflation. Social Security cost of living adjustments (COLA) are based on the consumer price index, which rose 5.4% in June - its largest 12-month increase since 2008. The official announcement is expected in October and, once it's confirmed, the revised payment will go into effect in January 2022.3
More than 65 million Americans receive Social Security, and the annual cost of living adjustments are designed to help recipients manage higher costs. At the start of 2021, recipients saw a 1.3% increase.4
The average monthly benefit is $1,544 for retired workers. So a 6.1% increase amounts to $94 more a month. That might not be quite enough for a car payment, but it's double the 3% raise being given to U.S. workers in 2021.4,5
Stuart Cooper, CRPC® may be reached at 847‐672‐1833 or [email protected]
Mike Chatterton, CRPC® may be reached at 847‐576‐5191 or [email protected]
Gerran Batterberry may be reached at 847‐672‐1291 or [email protected]
Michael Pozzi may be reached at 847‐672‐1292 or [email protected]
The forecasts for Social Security benefits are based on assumptions, subject to revision without notice, and may not materialize.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting
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of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service and should not be relied upon as such. All indices are unmanaged and are not illustrative of
any particular investment.
2. CNBC.com, May 3, 2021
3. InvestmentNews.com, July 13, 2021
4. SSA.gov, June 2021
5. SHRM.org, June 2021