From Forbes.com —
BY John F. Wasik —
This is good news, well almost. Due to rising cost-of-living (COLA) index number in recent months, Social Security benefits could be the highest they’ve been in 13 years.
There’s a few “ifs” and “buts,” though. The current rate of consumer inflation, which climbed in the wake of the pandemic winding down (in most places), has been pushing north of 5% lately.
Considering that inflation has been practically nil in recent years, that’s good news for Social Security recipients.
But we’ll have to see what inflation does over the course of 2021. Remember that we’re talking about COLA adjustments for 2022, which are based on the previous year’s inflation rate.
“The 5.3% estimate was calculated by The Senior Citizens League, a non-partisan senior group, based on Consumer Price Index data from the Bureau of Labor Statistics through May,” CNBC reported. “If that amount were to go through, it would be the highest annual adjustment since 2009, when benefits saw a 5.8% boost.”
To put that potential COLA in perspective, “in 2021, Social Security beneficiaries received a 1.3% increase to their monthly checks.”
Stay tuned.