Social Security Checks To Rise 5.9% Next Year To Match High Cost Of Living
It's the biggest upwards "adjustment" to the benefits controlled by the Social Security Administration in 40 years, as the cost of living in the U.S. is rising. Comparing options in open enrollment in Medicare, and Georgians struggling to afford medical care are also reported by media outlets.
The New York Times:
Social Security Cost Of Living Increase Will Be 5.9% In 2022
Benefits from Social Security, which tens of millions of retired Americans rely on to pay their bills, will increase by 5.9 percent in 2022, the Social Security Administration said on Wednesday. It is the biggest boost in 40 years as prices for food, cars and rent keep climbing. The increase, known as a cost of living adjustment, is the largest since 1982, when the adjustment was 7.4 percent, according to data from the administration. The average benefit — 70 million Americans receive them — would climb to $1,657 a month, up $92 from this year. (Ngo, 10/13)
NBC News:
Social Security Checks Going Up By 5.9 Percent, The Highest Increase In Decades
The Social Security Administration announced Wednesday that recipients will receive a nearly 6 percent increase in benefits next year. The boost in benefits, which will affect nearly 70 million people, is being fueled by a spike in inflation caused by supply chain bottlenecks, worker shortages and other economic disruptions from the Covid pandemic. The larger checks will begin to arrive for most recipients in January. (Shabad, 10/13)
Detroit Free Press:
Social Security COLA Increase: What To Know About Adjustment In 2022
Retirees and disabled people who are receiving Social Security benefits will get a 5.9% boost in benefits, thanks to a spike in inflation. It's good news for those on stretched budgets and living on a limited income. But many remain concerned about how much they're being hit by rapidly rising prices for many items, including food, housing and drugs. (Tompor, 10/13)
In related news about Medicare and health insurance coverage —
CNBC:
Most Medicare Beneficiaries Don’t Compare Options In Open Enrollment
This is one of those times you may not want to follow the herd. Most Medicare beneficiaries — 71% — do not explore their coverage options during open enrollment, according to a new Kaiser Family Foundation study. Because the specifics of health plans change from one year to the next, experts say this is a mistake. (O'Brien, 10/13)
Georgia Health News:
Most Georgians Struggling To Afford Health Care, Survey Says
About 70 percent of Georgia adults in a new survey report they had burdensome health care costs in the past year. And an even higher percentage – 80 percent – are worried about being able to afford health care in the future. The survey of more than 950 adults was conducted from April 12 to May 3 by Altarum, a nonprofit research and consulting organization. (Miller, 10/13)
