Big Boost for Social Security Payments
The Social Security cost-of-living adjustment (COLA) for 2022 is 5.9%, the largest increase since 1983. The COLA applies to December 2021 benefits, payable in January 2022. The amount is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from Q3 of the last year a COLA was determined to Q3 of the current year (in this case, Q3 2020 to Q3 2021).
Also in this issue:
- Are You a HENRY? Consider These Wealth-Building Strategies
- Annuity Income: Annuitization vs. Lifetime Withdrawal
- How to Correct an Error on Your Credit Report