(ReclaimingAmerica.net) – Breaking Now: The underlying reason may be bad news for most Americans, but next year the 64 million Americans who are beneficiaries of Social Security and the 8 million Americans who receive Supplemental Security Income will see the largest year over year increase in the size of their monthly checks in the last 39 years.
Specifically, beneficiaries of those two programs will see a 5.9% cost-of-living adjustment – likely the most significant increase anyone currently on Social Security or Supplemental Security Income has ever received. By way of comparison, over the last decade, annual increases to those programs that millions of Americans rely on for their survival have only averaged 1.7%.
But, here’s the kicker.
BREAKING: Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. https://t.co/jaB2xW5XKl
— The Associated Press (@AP) October 13, 2021
Unfortunately, beneficiaries may need that large of an increase – maybe even more – to keep pace with the burgeoning inflation rate in the United States. As anyone paying attention knows, inflation in America is currently out of control, and it is eating a significant portion of every American’s income – no matter from what source.
Just this morning, a new report brought a grim reminder of the inflation rate and how that increase next year for Social Security and SSI recipients may not be as significant as it sounds. According to CNBC, “The consumer price index for all items rose 0.4% for the month…On a year-over-year basis, prices increased 5.4%…the highest since January 1991.”
So, while an increase in Social Security and SSI benefits of 5.9% sounds terrific, in reality, it may barely keep pace with the rate of inflation.
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