Events

Social Security COLA largest in decades as inflation jumps

today10/13/2021 8

Background
share close

WASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.

The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The COLA increase amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration. The increase affects household budgets for about 1 in 5 Americans, nearly 70 million people, including Social Security recipients, disabled veterans and federal retirees.

Policymakers say it’s a safeguard to protect benefits against a loss of purchasing power, and not a pay raise for retirees.

 

Source: AP – All contents copyright 2021 Associated Press. All rights reserved.

 

Written by: Editor

Rate it

Previous post

Entertainment

Mark Harmon makes quiet exit as ‘NCIS’ regular on CBS

NEW YORK (AP) — Considering he's starred for more than 18 seasons on television's most popular drama, Mark Harmon made a quiet exit from "NCIS" on Monday night. His character, Special Agent Leroy Jethro Gibbs, said he was retiring to Alaska. At Harmon's request, CBS didn't promote the special episode, so it came as a surprise to fans. The 7.37 million viewers it received Monday will likely increase substantially when […]

today10/13/2021 19

0%