Big COLA Coming But How Far Will it go? Medicare Goes up too. - AMAC & CNBC
Lorie Konish of CNBC notes what many are predicting for next year’s cost of living adjustment– it’s expected to be the highest in 40 years at over 6%. She explains that the increase merely allows one to keep up with but does not make one better off with overall grocery, gas, and other prices spiking at a 6% clip. Konish takes a deep dive here into Medicare Part B premiums and further adds that income tax kicks in as Social Security income rises. Thus, many may be left worse off in 2022, even after a so called “raise.” Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
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