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Trustees forecast 2.2% COLA increase next year
Following years of anemic Cost of Living Adjustments for Social Security recipients, the program’s trustees, in their annual report released yesterday, forecast that next year’s COLA increase could be about 2.2%. While the final numbers won’t be known until later this year, this is good news to about 61 million American seniors who rely on Social Security for a substantial part of their income, even if the projected $28 average raise provides just a small bump. The same trustee’s report also projected that there would be no increase in Medicare premiums, which last year consumed the meager 0.3% COLA increase for most. This Chicago Tribune article by Stephen Ohlemacher opines that while this is surely good news for today’s retirees, the long term financial outlook for Social Security still needs attention by Congress. Click here to read more.
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