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Don’t get too excited about your larger Social Security checks

The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. Although you may be excited to see more money in your check, it’s important to realize that COLA will not make you richer. Many people refer to COLA as a raise, but the extra cash is designed only to ensure that you don’t lose ground and that your buying power doesn’t fall as prices of goods and services rise. Christy Bieber cautions, “don’t get too excited about your larger checks.” Read the reason why Ms. Bieber cautions her readers here…

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