A Guest Blog by Mitchell Kahn, AIF® CRPC®
The news keeps getting better for Social Security recipients.
It’s now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months
ago. That would be the most significant increase since 1983.1,2
It’s all about inflation. Social Security cost of living adjustments (COLA) are based on the consumer price
index, which rose 5.4% in June — its largest 12-month increase since 2008. The official announcement is
expected in October and, once it’s confirmed, the revised payment will go into effect in January 2022.3
More than 65 million Americans receive Social Security, and the annual cost of living adjustments are
designed to help recipients manage higher costs. At the start of 2021, recipients saw a 1.3% increase.4
The average monthly benefit is $1,544 for retired workers. So a 6.1% increase amounts to $94 more a
month. That might not be quite enough for a car payment, but it’s double the 3% raise being given to U.S.
workers in 2021.4,5
Social Security can be confusing. One survey found only 6% of Americans know all the factors that
determine the maximum benefits someone can receive. If you have any questions, please reach out. We
have a number of resources at our fingertips that you may find helpful.6
- Fortune.com, July 15, 2021
- SeniorsLeague.org, May 12, 2021
- InvestmentNews.com, July 13, 2021
- SSA.gov, June 2021
- SHRM.org, June 2021
- FinancialAdvisorIQ.com, July 19, 2021
The forecasts for Social Security benefits are based on assumptions, subject to revision without notice, and may not materialize.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or
tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be
of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material
provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
Mitchell Kahn, AIF® CRPC®
Senior Vice President
Hunter Financial Advisors, Inc.
(914) 366-8000 ext. 103
Registered Representative offering securities through First Allied Securities, Inc. Member FINRA/SIPC. Advisory services offered through First Allied Advisory Services, Inc., a Registered Investment Advisor. First Allied entities are under separate ownership from any other named entity. First Allied entities are under separate ownership from any other named entity.
Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.