Social Security Recipients Will Get A 5.9% Increase, The Largest In Decades – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Washington Wire
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Washington Wire RSS Get our newsletter
Order Prints
October 14, 2021 Washington Wire No comments
Share
Share
Tweet
Email

Social Security Recipients Will Get A 5.9% Increase, The Largest In Decades

Marketplace

The Social Security cost-of-living adjustment, sometimes called a COLA, came out Wednesday. It will boost 2022 payments by 5.9% - the biggest jump in nearly 40 years - to keep up with rising prices.

This month, Mary Johnson will start collecting Social Security payments. She has a message for her fellow first-timers: "You got lucky, this was a big COLA."

Johnson is grateful to still be working as a policy analyst for the Senior Citizens League. That income has helped her deal with rising prices in Virginia, where she lives.

"I have to do repairs to my home. I've been waiting for the costs to come down a little bit before I started that," she said. "So I have some big expenses ahead."

Johnson's worried about seniors who have to pay high prices with their retirement savings.

"I have sitting beside me over 300 emails that we have received in just the past two months from people who are desperate," she said.

Food costs, medical bills and rising rents are some of their usual concerns.

Alston Green, a senior in New York City, has had to cut back on some luxuries, like spending at restaurants.

"They're charging a surcharge. I mean, I'm not unrealistic. They've had a really hard time," Green said.

Even so, he's dipped into his savings to pay for health insurance. And he isn't sure a 6% bump in benefits will go that far.

"They keep screaming about it being such a big increase, [it] is not going to be that much of an increase," Green said.

The adjustment lifts benefits along with the rise in inflation, but they won't decline if prices drop. In that case, seniors may have more buying power - at least for a while.

Older

LIZ WESTON: Fortify your finances against natural disaster [Column]

Newer

Social Security Aid To Rise 5.9% For 70 Million In Biggest Boost Since 1982

Advisor News

  • Retirement Savers Remain Confident Despite Short-Term Woes
  • City of Memphis Helps Employees With Financial Wellness Programs
  • IRI CEO: ‘I Am Optimistic for Our Industry’s Future’
  • 2/3 Of Near-Retirees Failed Or Barely Passed A Basic Social Security Quiz
  • Crypto As National Currency? Maybe Not A Good Idea
More Advisor News

Annuity News

  • LibertyMark Freedom Fixed Indexed Annuities Launch
  • Nationwide Adds BNP Paribas Global H-Factor Index To FIA
  • Transamerica Launches Structured Index Advantage Annuity
  • Recommending FIAs: Start With The Client’s Objective
  • NC Man Wins First $5 Million Prize In Scratch-Off Game
Sponsor
More Annuity News

Health/Employee Benefits News

  • EBRI Studies Expanding Pre-Deductible Coverage For Chronic Conditions
  • Most Consumers Choose To Pay Higher LTCi Premiums
  • CMS Creates More User-Friendly Medicare Website
  • Integrity Marketing Group Buys Ritter Insurance Marketing
  • Maine Powerless In Big Fight Between Its Largest Insurer And Hospital
More Health/Employee Benefits News

Life Insurance

  • The 5 Secrets To Retaining Financial Sales Professionals
  • Life Insurance Activity Continues Dip In April But Still Stronger Than 2021, MIB Reports
  • Transamerica Adds Execs To Annuity And Life Insurance Team
  • Northwestern Mutual Invests $5M In Black-Led Financial Institutions
  • Protective Life Closes On AUL Acquisition
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.