If the CPI-W released today holds for the next several months, the next COLA will be 3.1%
2022 Social Security COLA
We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
QUINNSCOMMENTARY 
The Senior Citizens League predicts 4.7% COLA in 2022
Canary in the COLA mine: Senior group predicts biggest rise since 2009
https://www.financial-planning.com/news/the-senior-citizens-league-predicts-4-7-cola-in-2022
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Inflation would have to be a lot higher than now and sustained for the next six months. Not likely, but I guess possible.
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The price of gasoline is part of that inflation calculation, right?
No high prices, shortages and long lines here in Dallas… but the hackers may not be finished.
Covid lockdowns have caused sparse inventories which have caused prices of lots of commodities to rise.
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Yes it is.
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if we receive a 3.1 COLA what will be taken out of that for Medicare? It seems as though that seems to go up as well so what would the actual amount be of the increase? The 3.1 would really be helpful if it actually comes about! Thanks for sharing
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Congress limited the Part B premium increase for 2021 to 25% of what it should have been. In 2020 the Trustees projected it to be $153.30 in 2021 and in 2022 $157.70, but we are only at $148.50. What it will act be in 2022 depends on actual spending by Part B in the last and any further action by Congress, but it’s a good bet it will go up, how much is unknown.
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Inflation rate was released today for April: 4.2% (CPI-U) https://www.bls.gov/
But for those of you who have been buying food, gas, or lumber (if you can get it), you already knew that.
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I know people are cheering for the higher COLA, but it means what I say a few months ago is coming true. Inflation is coming back fast and hard. That is not a good thing. If the feds ever act then maybe saving interest rates will follow. Unfortunately, so will loan and credit card rates.
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What did the government think would happen when you add trillions of dollars in stimulus? More dollars chasing the same goods = higher inflation. The only thing that I hope for, is that the COLA at least covers the Medicare premium increase. The thing I do not like about higher COLAs is, I will have to start paying taxes on part of my SS income in 3 years instead of 5 to 6 years with the lower COLAs. As for loan and credit card interest rates going up, I have not paid any credit card interest in 3 years. In fact I get hundreds of dollars in cash back from credit cards each year. Just opened a BoA credit card that will pay me $200 cash back, after spending $1000 in the first 90 days. Plus 18 months zero interest and 1 to 3 percent cash back on all purchases. No interest will ever be paid to BoA, as I will be sure to pay off the card at the end of the 18 months.
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