Americans that are about to retire should expect to see a 5.9% increase in their Social Security benefits in 2022, which is the largest increase in four decades! The annual cost of living adjustment, also known as COLA, will be a tricky one, however, given the fact that we’re dealing with high inflation.
Even so, advocates believe that the rise won’t be enough to protect retirees from rapidly rising prices. The national average monthly payment for seniors on Social Security will jump to $1,657 in 2022, which is $92 more than in the previous year.
Even better, the plus-size COLA will be a blessing in disguise in some states, compared to others. Here’s how some states will rank for Social Security this year:
For this topic, it's worth quoting Benjamin Franklin who once said: "In this world, there…
If you're about to retire, then you probably want to be sure you'll never be…
There is a research center at George Mason University called the Mercatus Center, which has…
Social Security is definitely a safety net for lots of Americans. You might not even…
We go grocery shopping throughout our whole lives, and that's a fact. Given the fact…
When it comes to retirement, things like income, taxes and retirement plans are always prioritized.…