Will Your Social Security Benefits Increase in 2021–2022?
The cost of living has gone up significantly in the last decade. Inflation is at a six-year high, and prices are expected to continue to rise as we head into 2022. If you're wondering how your retirement savings will be affected, it's worth knowing that social security benefits may also increase. Why Your Social Security Benefits May Increase In 2021–2022? The Social Security Administration has announced that there will be an increase in benefits for retired workers. It's good news, especially since the retirees have not seen a cost-of-living adjustment (COLA) since 2009. The average retiree will see roughly $45 more per month starting in January 2021 and 2022. While this may seem minuscule, it can make a difference to those on fixed incomes or who live solely off their monthly social security payment. Annual cost-of-living adjustments, or COLAs, are based on the increase in a given year's average Consumer Price Index for Urban Wage Earners and Clerical Workers (CP