The biggest leap in 40 years: how much will the US pension grow in 2022
The U.S. Social Security Administration (SSA) will not release the next Cost of Living Adjustment (COLA) until October 2021. But there is a way to predict how much retirees will be able to receive using the consumer price index (a measure of the average cost of food and essential goods). The edition told in more detail CNBC.
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The Senior Citizens League is a nonpartisan advocacy group for older Americans that has extensive experience accurately forecasting annual cost of living adjustments. The group estimates Social Security's COLA for 2022 could be 6,2%.
This is much higher than the 1,3% change in 2021, which is one of the lowest gains that Social Security has ever seen.
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Additionally, 6,2% is the largest jump since 1982 (7,4%).
This forecast is based on the price index until August, while COLA will take into account both August and September. For 88% of Social Security recipients aged 65 and over, every dollar matters - how much will they receive if the level is at 6,2%.
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The average Social Security per month is $ 1, the COLA changes will increase that to $ 509. That's an additional $ 1 per month and $ 603 per year.
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