![]() Those have included a 48% surge in gasoline costs over the last year and a 39% jump in home heating oil, according to research from the senior group. ![]() “Higher income could lead to trims in food stamps, rental assistance or Medicare Extra Help, which covers most prescription drug costs," Johnson tells MoneyWise.Ī petition drive launched in early September has already gathered more than 38,000 signatures in favor of a direct payment to help the elderly cope with painful increases in prices. And Mary Johnson, a policy analyst with The Senior Citizens League, says some Social Security recipients could see cuts in other benefits because of their larger checks. If the advocates are right, Social Security checks next year will see their biggest increase since 1983, when the COLA was 7.4%.īut a 6.1% increase in this year's average monthly benefit of $1,555 would give a retiree about $1,650 per month. ![]() The September data is due for release on Wednesday, and that will allow Social Security to make its big announcement. The size is determined by the government's inflation numbers from the third quarter, meaning July, August and September. The COLA for 2022 could be far greater - as high as 6.1%, the league says. ![]() That increase has been gobbled up by price hikes in 2021. It raised benefit checks by an average $20, according to the nonpartisan advocacy group The Senior Citizens League. Based on how inflation ran during 2020, Social Security's cost of living adjustment for this year, which began affecting payments in January, was 1.3%. ![]()
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