Social Security Increase for 2022 announced on SSA.GOV (friends, years, benefits)

[FiveLoaves]

A very generous 5.9% for the calendar year ahead.

https://www.ssa.gov/news/press/releases/2021/#10-2021-2

[BOBNCHI]

Originally Posted by FiveLoaves

A very generous 5.9% for the calendar year ahead.

https://www.ssa.gov/news/press/releases/2021/#10-2021-2

Generous is a curious choice of words..........but I'll take it!

[brightdoglover]

Originally Posted by FiveLoaves

A very generous 5.9% for the calendar year ahead.

https://www.ssa.gov/news/press/releases/2021/#10-2021-2

It beats the little raises I got over the years at my former job! Then there were the four years of no raises...

[vicky3vicky]

This will have a strong, positive impact in my families lives. There are 43 [or 47, I always f orget] steps up the mountain to our front door. We will finally begin to make progress on making access to our home more disability accessible. So far, our family is able to "make the journey" but we are not sure for how much longer without getting this issue taken care of. We already have friends who can't make it to our home bexcause of disabilities and this will change that, or at least bring us closer to that goal.

[lovnova]

Does this 5.9% apply to future recipients benefits ? Not currently on SS. Say someone applying for SS 8/2022 for example?

[HB2HSV]

It sure beats the 0% COL I received during the Obama years as a Civil Servant!

[TMSRetired]

Biggest increase since 1983.
Inflation is rearing it's ugly head with no signs of abating.

[lottamoxie]

It's that large of an increase because of inflation, with inflation still rising faster than the SS COLA. It may look like a windfall, but for those who mostly depend on SS benefits in their retirement, it's not reached parity to keep pace with the rising costs of everything else.

I just read that Medicare costs/premiums will be going up for 2022.

I'm curious what things will look like when I'm at FRA and ready to file.

[TheShadow]

I just read an article on this exact point. The reason for the raise is inflation, so although they increase the size of your check, prices at the store are up also, and so your buying power is the same, or less, than it was in past years. And the things that seniors buy are have seen some of the biggest price jumps. Things like food, utilities, gasoline, personal care items, etc.

[loves2read]

Originally Posted by FiveLoaves

A very generous 5.9% for the calendar year ahead.

https://www.ssa.gov/news/press/releases/2021/#10-2021-2

Wonder how many people will be bumped into paying the excess fee on Medicare and Part D because of this which will be ongoing…