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Social Security benefits to get monthly boost


RiverWalk independent senior housing in New York City Associated Press/Photo by Seth Wenig, file

Social Security benefits to get monthly boost

A current inflation spike will provide a 5.9 percent increase in Social Security payments for retirees in 2022. The cost of living adjustment will increase the typical monthly payments by $92 for roughly $1,657 each month. The change will affect about 70 million recipients, including retirees, disabled veterans, and federal workers.

How will the adjustment help? Nearly half of U.S. senior citizens live in households that depend on monthly Social Security benefits for 50 percent of their income. Many retirees have struggled to pay for rising consumer prices. The Federal Reserve insists that inflation will be temporary while the economy recovers from pandemic shutdowns. Social Security stands to run out of money to fund full benefits within the next 15 years. Rep. John Larson, D-Conn., introduced a bill to increase payroll taxes to fund the program and change the cost of living adjustment formula to address medical expenses.

Dig deeper: Listen to Paul Butler discuss the founding of the Social Security Administration.


Carolina Lumetta

Carolina is a reporter for WORLD Digital. She is a World Journalism Institute and Wheaton College graduate. She resides in Harrisburg, Pa.

@CarolinaLumetta

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CaptTee

And in a related story...
Will the Medicare deduction from our Social Security checks rise to match the Social Security increase, as usually is the case?

news2meCaptTee

Can't afford to go to the doc. $200 deductible.
Many things Medicare does not cover, like blood tests doctors tell you to get.
Blood tests can be $100. The people who take your blood know what Medicare will pay so they make you sign a paper ahead that says you will pay if Medicare won't. I don't sign.