Published On: Sat, Aug 14th, 2021

Rising Inflation Could Mean Largest Social Security Increase Since 1983

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Rising inflation and the price increases that come with it may lead to the highest raise for senior citizens in decades. The Senior Citizens League predicted Thursday that the annual cost-of-living adjustment for 2022 Social Security payments could be the highest since 1983. The prediction comes as federal data this week showed two major signs of inflation, continuing a trend that has worsened this year. “The estimate is significant because the COLA is based on the average of the July, August, and September CPI data,” said Mary Johnson, a Social Security policy analyst for The Senior Citizens League. “With one third of the data needed to calculate the COLA already in, it increasingly appears that the COLA for 2022 will be the highest paid since 1983 when it was 7.4 percent.” The Senior League predicted an adjustment around 6.2 percent, “the highest in almost four decades.” “Social Security benefits are …

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