(WPRI) — Some relief may be coming to retirees and others collecting Social Security.
Each year the Social Security Administration announces how checks will be impacted by the cost of living based on the economy that year and one advocacy group for senior citizens is projecting a 6.1% increase in 2022 due to surging inflation.
In 2021, recipients received one of the lowest COLA increases in years, an increase of 1.3%, or just about $20 more a month for retirees for example. Meanwhile, prices for gas and groceries are on the rise.
In June alone, inflation jumped 5.4% from the year before as the country rapidly reopened due to the pandemic.
The Social Security Administration announces what recipients’ paychecks will look like for the following year in October. The cost of living adjustment is based on inflation data from three months prior.
Therefore, if inflation does slow down until then, the adjustment could be less than the predicted 6.1%.
Nearly 70 million Americans receive security benefits, whether they’re retired, disabled, or survivors of deceased workers.
Workers pay into the system with each paycheck.