Your Cost of Living Adjustment (COLA) - Good News, or Not? - MSN.com
Much fanfare accompanied the government’s announcement last fall that the Cost of Living Adjustment (COLA) for 2022 would be 5.9%. That means that, among others, Social Security beneficiaries this year will have a Social Security check higher than it was in 2021, and surely that’s a good thing, right? Well, a bigger Social Security check can hardly be a bad thing, but it unfortunately will not be enough to offset the higher consumer prices we’ve all been paying since inflation started surging last year, and to offset the continuing rise in consumer prices. This article by Motley Fool’s Christy Bieber appears at MSN.com and explains that although Social Security payments will rise by an historic amount for 2022, SS beneficiaries will still lose buying power. Click here to read more. Be aware too that the article doesn’t mention that the problem is even worse, because the increase in 2022 Medicare premiums will mean that most Social Security recipients won’t see the full 5.9% dollar increase in their Social Security payment.
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