Social Security payments to jump most in 39 years as inflation surges

Adviser Investments CIO Jim Lowell says he forecasts inflation will stick around for ‘at least a quarter or two,’ noting that a global supply constraint is behind the surge.  Millions of retirees and other Americans receiving Social Security benefits in 2022 are set to receive the biggest payment increase in four decades, following a pandemic-driven inflation spike. The Social Security Administration said Wednesday that next year’s cost-of-living adjustment, or COLA, will be 5.9%. That amounts to a monthly increase of $92 for the average retired Wednesday, bringing the amount to $1,657, the administration said. A typical couple’s benefits would climb by $154 to $2,754 per month. This comes as the national debt hovers at $28 trillion and the deficit sits at $3 trillion, per the CBO, for fiscal 2021. The increase – the steepest …

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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