64 million claimants will be getting a huge increase in their social security in 2022.
On average a person will see $92 more dollars per month.
Those collecting SSDI will see an additional $76 per month.
This is the highest increase since 1982, forty years ago.
Inflation is what raised COLA, it’s not a good thing
While this seems great, it’s actually quite alarming that the massive increase is a direct reflection of how high inflation has been this year.
While it was bad this year, it doesn’t appear that it will get better anytime soon.
Medicare will also increase, eating a chunk of that COLA increase up, an increase that was made to cover goods like gas and food that has already risen 5.4% by September.
Many feel that the increase is not enough to cover what the year will look like by the end of 2022.
Social Security could run out earlier than anticipated
As COLA increases, so does the amount of money that comes out of the Social Security fund.
The Committee for a Responsible Federal Budget thinks it’s a very real possibility that the money may run out by 2032.
What will happen to stop that is only 76% of benefits will be given out to claimants.