Social Security CPI Forecasted To Be Up 6.1%

There is good news and bad news in a new report coming out from The Senior Citizens League, a non-partisan senior group, which raised their forecast for the Social Security from 5.3% to 6.1%.  That’s a huge increase from prior years.  However, it’s based on a basket of goods cost of living (COLA) increase, which means that the increase will likely just make up for a 6.1% hike in goods and services that you buy every day.  In addition, some things like real estate and rental prices, medical costs and long-term care are skyrocketing.

 

https://www.forbes.com/sites/davidrae/2021/07/14/how-big-will-the-social-security-cost-of-living-adjustment-be-for-2022/?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&cdlcid=607e1442fe2c195e916f3bb4&sh=433b142b52fa