Big COLA Increase Coming, But Don’t Get Too Excited
It’s been all over the news lately that an announcement will soon be made that the Social Security Cost of Living Adjustment (COLA) for 2022 will soon be announced, and that it will be the biggest increase in over four decades. What senior citizen could not be happy about getting a sizable bump in their monthly Social Security payment? Well, remember that the reason next year’s COLA will be so high is because the cost of just about everything that you buy is now higher, which is the fundamental measure of inflation and inflation is what drives COLA. This Motley Fool article by Maurie Backman explains what the 2022 COLA is likely to be, and how if may very well be consumed by the higher costs you will pay for goods and services. Click here to read more.