A 4.5% COLA for 2022 – quite likely
The last significant cost of living adjustment (COLA) for retirees was 5.8% in 2008. But come January 1, 2022 those on Social Security could see a COLA boost of 4.5% or more. This is based on the recent run up in prices which appears to be creating inflation across the entire economy. Three rounds of stimulus checks have fueled much of the pent up demand for goods and services. The Senior Citizens League, an advocacy group, is projecting an annual cost-of-living adjustment for 2022 will be 4.7%. Full article by Sandra Block and David Payne from Kiplinger is here.