Social Security Up 5.9% For 2022

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   #1  

Diggin It

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Press Release​


Wednesday, October 13, 2021
For Immediate Release​

Mark Hinkle, Press Officer
[email protected]

Social Security Announces 5.9 Percent Benefit Increase for 2022​

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today.​
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.​
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000 from $142,800.​
Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.​
Information about Medicare changes for 2022, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2022 are announced. Final 2022 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security's Message Center.​
The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.​



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Should be $75 or more for most recipients.
 
   #5  

sea2summit

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"its the obvious and logical consequence of our monetary policy"...over time.
Yeah, no correlation to presidential policy that I see...Ohh wait.
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   #7  

herm0016

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"its the obvious and logical consequence of our monetary policy"...over time.
uh, yea? everything happens over time. what's your point?

the rate at which the monetary supply is increasing is way higher than it has been in the past. highest in 70 or so years. not a political party thing if that's where you are trying to go.
 
   #8  

riptides

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uh, yea? everything happens over time. what's your point?

the rate at which the monetary supply is increasing is way higher than it has been in the past. highest in 70 or so years. not a political party thing if that's where you are trying to go.
The point is fiscal and monetary policy happen over time.

Inflation just does not turn itself on or off based on political whim.
 
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