If there is a silver lining to all the inflation talk, it may be that Social Security benefits are expected to see a larger-than-normal increase next year. At the current pace of inflation, the Senior Citizens League estimates that the cost-of-living adjustment (COLA) bump would be 6.1% in 2022. That would be the highest increase since the early 1980s for Social Security recipients. (In 2021, benefits rose 1.3%.1)
The Social Security Administration makes its official announcement in January 2022 — and a lot can change between now and then. The Bureau of Labor Statistics bases its annual adjustment on data in the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as the CPI-W. 2 It’s based on households whose incomes are comprised of more than one-half from clerical or wage occupations.
Social Security is one of the most misunderstood sources of retirement income. For example, only 33% of workers in 2021 reported that they expect Social Security to be a significant source of income during their retirement. Yet, according to the same study, the benefits represented more than 60 percent of income for current retirees. 3
Retirement can hold many surprises. Your sources of income shouldn’t be one of them. Therefore, it’s critical to get educated about your retirement and wealth-management options as you plan for your financial future. Hilltop offers down-to-earth objective advice to ensure you can enjoy the view from the top of the mountain you’ve spent your life climbing.
Hilltop Wealth Solutions may be reached at (883) 889-7526.
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