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CNBC Personal Finance Reporter Lorie Konish offered comments on The Senior Citizens Leagues recent COLA forecast for 2022, noting that recent inflation projections indicate the possibility of a 5.3% January increase in benefits. Social Security COLA Could Double in 2022. Social Securitys annual cost-of-living adjustment is calculated from the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. Social Security and Medicare policy analyst Mary Johnson of The Senior Citizens League said on June 10 that the annual cost-of-living adjustment, or COLA, for Social Security benefits in 2022 Maybe more if inflation jumps in July, August or September. Whether that will actually be the bump retirees see to their monthly checks in 2022 depends a lot on the economy, including whether the Federal Reserve decides to raise interest rates. Read more in CBS Newss article Social Security recipients may get biggest cost-of-living bump in almost 40 years. At NORA, we dont only want retirees to receive cost-of-living adjustments when inflation rises. Assuming the Social Security cost-of-living adjustment is at the 6.1% level for 2022, and you are receiving the maximum Social Security benefit of $3,895, you would get an additional $237.60 per month. Early indicators show the Social Security Cost-Of-Living Adjustment could jump to 3% for next year, according to Kiplinger. If COLA actually jumps 6.1%, it would represent a major increase compared to past years. The amount your Social Security check will increase will be based on a combination of your underlying benefit and the Social Security COLA. For context, June marked a record increase. According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Comparatively, the COLA for 2021 was 1.3 percent, making a 2022 COLA of 4.7 percent nearly four times larger. If a number like the potential 5.3% increase holds, that will affect the benefit amounts. This is about five times the 1.3% COLA increase in January 2021. The Senior Citizens League previously estimated that the COLA for 2022 could be 4.7%, based on data through April. In 2009 and 2010 there were no increases. Estimates of the Social Security COLA in 2021 (for 2022) have been in the range of 5.3 to 6.1%. The official 2022 COLA is scheduled to be released by the Social Security Administration (SSA) in mid-October, after calculating the percent change between average prices in the third quarter of 2021 (ending on Sept. 30) with the third quarter of the previous year. The latest 2021 social security COLA will not kick in until January 2022. MORE FROM FORBES How Big Will The Social Security Cost-Of-Living Adjustment Be For 2022 By null. 2022 Social Security COLA May 12, 2021 rdquinn Social Security 9 comments If the CPI-W released today holds for the next several months, the next COLA will be 3.1% Originally Posted By 4thbreak: "The Kiplinger Letter is forecasting that the annual cost-of-living adjustment for Social Security benefits for 2022 will be 6.3%, the biggest jump since 1982, when benefits rose 7.4%. For this year, Social Security recipients received a 1.3% cost of living adjustment ().Not much, once you consider the economic chaos that happened in 2020.. Of course, the COLA is not meant to account for a previous years chaos, its meant to account for inflation as measured by the consumer price index (CPI). If we look at the numbers, there could be a BIG increase coming next year to Social Security benefits. In 2021, Social Security beneficiaries received a 1.3% increase to their monthly checks. Via Birch Gold. Based on recent inflation data, the nonpartisan Senior Citizens League is estimating that seniors could be in line for a whopping 6.1% COLA in 2022. 2022 COLA Watch A New Projection. Read more in CBS Newss article Social Security recipients may get biggest cost-of-living bump in almost 40 years. At NORA, we dont only want retirees to receive cost-of-living adjustments when inflation rises. In 2021, Social Security beneficiaries received a 1.3% increase to their monthly checks. The pain of inflation is often harshest on the budgets of retirees on fixed incomes.The only bright light of the recent spike in the consumer price index is the potential for a more significant Social Security cost-of-living adjustment (COLA) this year.Estimates of the Social Security COLA in 2021 (for 2022) have been in the range of 5.3 to 6.1%. ET The Senior Citizens League previously estimated the COLA for 2022 could be 4.7%, based on data through April. But once this period is over, you should expect the new cola adjustment to kick in. For years Social Security recipients have seen modest increases in benefits based on cost-of-living-adjustment (COLA) increases and some years recipients received no increase in benefits, but that is expected to change in 2022. ET First Published: June 1, 2021 at 11:49 a.m. Citing higher gasoline prices and sharply rising inflation overall, The Senior Citizens League (TSCL) has updated its estimate for the 2022 Social Security cost of living adjustment (COLA). This year we went from a Social Security COLA estimate for 2022 of 1.5% based on January 2021 CPI data to 4.7% based on April data, Johnson said. After several years of tepid cost-of-living increases, seniors are likely to get a significant raise in their Social Security benefits in 2022. Social Security Benefit. June 10, 2021 rdquinn Social Security 6 comments The CPI-W for May 2021 (263.612) indicate a 2022 COLA OF 4% EXAMPLE: 263.612-253.412/253.412x 100 = (adjusted to the nearest 1/10 of 1 percent = 4.02% Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in 2021. After several years of tepid cost-of-living increases, seniors are likely to get a significant raise in their Social Security benefits in 2022. Of course, wishing for a robust COLA going into 2022 also, to an extent, means wishing that inflation holds steady and that the cost of common goods remains high. The news keeps getting better for Social Security recipients. "The COLA will no doubt be higher than it has been for the last decade, probably in the 5 percent or higher neighborhood because of rising prices, says David Certner, legislative counsel and director of legislative policy for government affairs at AARP. The nonpartisan Senior Citizens League updated its forecast based on data through June to predict the 2022 COLA increase for Social Security benefit recipients could increase to When it did jump up, most people were covered by the 'hold harmless" provision. This increase becomes even more notable when you compare it to the rest of the COLAs history.

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