Thursday, October 14, 2021

The Good And Bad News For Social Security Recipients

The good news for Social Security recipients is that the government has announced the cost-of-living-adjustment for next year. It will be 5.9%. That's the largest increase in nearly four decades (since 1982).

That means a person getting $1000 a month, will get $1059 in 2022. 

Now the bad news. The two biggest expenses for most Social Security recipients are food and medical expenses. The food inflation alone will eat up most of the increase, and medical expenses rose by a whopping 7%. Together, just these two expenses will put seniors further behind in spite of the significant increase.

And the amount taken out of a Social Security check for Medicare hasn't been announced yet. It is possible that it will increase -- further cutting into the increase that was badly needed by millions who depend on their Social Security checks to survive.

American seniors can't win for losing! 

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