Wednesday, September 29, 2021
I don't know if it will be "record-breaking", but the buzz is that it's going to be larger than that of recent history. CNBC reported Social Security cost-of-living adjustment could be at least 6% in 2022, the higher amount being due to inflation, but the increase in purchasing power will be tempered by the Medicare Part B premiums and income taxes. The Senior Citizens League (the source of the estimate) explains its process "Our forecast is based on CPI data through August, and there is still one more month of consumer price data to come in before we get the official announcement in October ... [and] [t]his year is particularly difficult to forecast with certainty... [due to] inflation patterns, caused in large part due to the COVID-19 pandemic, [which] were unprecedented...."
It won't be long before we get the official news from SSA. Stay tuned....