Many seniors have been elated to read in the paper that their Cost of Living Adjustment (COLA) in their Social Security Payments is likely to rise more than 6% come January. However, before you get too excited, news just broke that inflation in the U.S. hit a 31 year high in October at 6.2%. “It increasingly appears that the COLA for 2022 will be the highest paid since 1983 when it was 7.4%,” Mary Johnson, Social Security policy analyst for the Senior Citizens League, told AARP Bulletin (October, 2021 P4). The increase in 22021 was only 1.3% and over the past 10 years it has increased by 1.7%. Let’s hope inflation rates decline next year!
