Due to rising cost-of-living (COLA) index number during pandemic times, Social Security benefits could be the highest they’ve been in over a decade. Which may sound like good news in general, but it will all depend on how you want to see this increment.
Last January, retirees got a 1.3% cost-of-living adjustment, apparently very little. We should be thinking about what this means: if the inflation was very low, things we need and use every day didn’t increase their price significantly.
In 2022, COLA is expected to increase between 5% and 6%, in other words, covering our basic needs has seen a bigger increase compared to recent years.
After over a year and a half lock-down, prices for many things such as: gas, cars, air tickets, food, medicine, and others are constantly increasing. We will still have to wait and see what inflation will do over the course of this year.
