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OK so I am confused. I'm 62 but have not filed. Is this saying my future benefits statement will include this increase? Or is it literally only for people who will file in 2022?
The Social Security Administration has announced a 1.3% increase in Social Security and Supplemental Security Income (SSI) benefits for 2021, a slightly smaller cost-of-living increase (COLA) than the year before.
The United States Inflation Rate is projected to trend around 2.30 percent in 2022 and 1.90 percent in 2023, according to our econometric models. Annual inflation rate in the US accelerated to 6.8% in November of 2021, the highest since June of 1982, and in line with forecasts.
Between 1997 and 2021: Bread experienced an average inflation rate of 2.80% per year. This rate of change indicates significant inflation. In other words, bread costing $5 in the year 1997 would cost $9.70 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 2.19% during this same period, inflation for bread was higher.
OK so I am confused. I'm 62 but have not filed. Is this saying my future benefits statement will include this increase? Or is it literally only for people who will file in 2022?
We’re you born before Jan 2 1960 ? If not then no you never get the cola …you would be considered in the pre ss stage and your earnings are inflation adjusted by their index instead .
The cola is only applied if you were born before Jan 2 1960 collecting yet or delaying
OK so I am confused. I'm 62 but have not filed. Is this saying my future benefits statement will include this increase? Or is it literally only for people who will file in 2022?
It is for people born before the end of 1959, whether they file this year or not. If you have already turned 62 more than 3 days ago, you will get this cola, regardless whether you file for ss at 62 or later. People born after Jan 2, 1960 do not get it, now or ever.
People born in 1960 who file this year at 62 do not get this cola for 2022 because all inflation of the past 35 years has presumably already been factored into computation of their ss... even though in fact it has not - my estimated monthly ss at 62 went up 0.3% from the 2020 estimate (since I do not get this cola), but had I been born a few weeks earlier, ie, in 1959, my monthly ss estimate would have gone up at least 5.9% (since in that case I would have gotten this cola). It does not matter whether you decide to collect at 62 or later, it only matters when you were born.
I was born before Jan 1960 and haven't yet filed for SS benes. Just checked my account and I didn't see a 5.9% increase in the amounts as compared to my Dec. 2021 statement.
Thanks for the replies. I was born in March of 1959 so glad to read this info. I did not expect it to show in my statement so soon but I'm sure it will when it's issued after my income for 2021 is recorded.
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Social Security Falling Behind every year
