{"id":6036,"date":"2021-07-22T19:10:02","date_gmt":"2021-07-23T00:10:02","guid":{"rendered":"https:\/\/billlosey.com\/?p=6036"},"modified":"2021-09-27T00:08:02","modified_gmt":"2021-09-27T00:08:02","slug":"a-6-1-bump-in-social-security","status":"publish","type":"post","link":"https:\/\/billlosey.com\/knowledge-center\/a-6-1-bump-in-social-security\/","title":{"rendered":"A 6.1% Bump in Social Security?"},"content":{"rendered":"\n<p><em>COLA and Social Security.<\/em><\/p>\n\n\n\n<p>The news keeps getting better for Social Security recipients.<\/p>\n\n\n\n<p>It&#8217;s now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months ago. That would be the most significant increase since 1983.<sup>1,2<\/sup><\/p>\n\n\n\n<p>It\u2019s all about inflation. Social Security cost of living adjustments (COLA) are based on the consumer price index, which rose 5.4% in June \u2014 its largest 12-month increase since 2008. The official announcement is expected in October and, once it\u2019s confirmed, the revised payment will go into effect in January 2022.<sup>3<\/sup><\/p>\n\n\n\n<p>More than 65 million Americans receive Social Security, and the annual cost of living adjustments are designed to help recipients manage higher costs. At the start of 2021, recipients saw a 1.3% increase.<sup>4<\/sup><\/p>\n\n\n\n<p>The average monthly benefit is $1,544 for retired workers. So a 6.1% increase amounts to $94 more a month. That might not be quite enough for a car payment, but it\u2019s double the 3% raise being given to U.S. workers in 2021.<sup>4,5<\/sup><\/p>\n\n\n\n<p>Social Security can be confusing. One survey found only 6% of Americans know all the factors that determine the maximum benefits someone can receive. If you have any questions, please reach out. We have a number of resources at our fingertips that you may find helpful.<sup>6<\/sup><\/p>\n\n\n\n<p>The forecasts for Social Security benefits are based on assumptions, subject to revision without notice, and may not materialize.<\/p>\n\n\n\n<p><strong><em>Citations<\/em><\/strong><\/p>\n\n\n\n<p><em>1. Fortune.com, July 15, 2021<br>2. SeniorsLeague.org, May 12, 2021<br>3. InvestmentNews.com, July 13, 2021<br>4. SSA.gov, June 2021<br>5. SHRM.org, June 2021<br>6. FinancialAdvisorIQ.com, July 19, 2021<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COLA and Social Security. The news keeps getting better for Social Security recipients. It&#8217;s now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months ago. That would be the most significant increase since [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-6036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/6036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=6036"}],"version-history":[{"count":1,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/6036\/revisions"}],"predecessor-version":[{"id":6039,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/6036\/revisions\/6039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media\/6038"}],"wp:attachment":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=6036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=6036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=6036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}