Based on the CPI-W for July 2021, the 2022 Social Security COLA could be 5.7%
To reach this level, the CPI-W for August and September must be at least 267.789.
2022 SOCIAL SECURITY COLA UPDATE
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 
If America can give CEO;s million dollar bonuses, , tax write off’s for Millionaires and billionaires, That collect SSA benefits at retirement age by the way…. America can make an adjustment that to collect SSA benefits at retirement age you can not have other financial retirement funds, stocks, IRA, etc.. of more then 500 thousand dollars. redo the calculation that SSA uses as to determine amount of benefits you will receive, which is in favor of top earners,, Raise the cap of contribution to 500 thousand dollars. Many Many Retirees have worked their whole life for low wages, but receive the lowest benefits. SSA COLA’s are greatly needed for them, that never earned as to save for retirement, IRA, retirement accounts, etc..
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Part two of her question:
“Biden called for the increased levies to help pay for proposed benefit increases, including raising the minimum Social Security benefit to at least 125% of the federal poverty level.”
https://www.cbpp.org/sites/default/files/styles/report_580_high_dpi/public/atoms/files/8-13-20ss-f3_0.png?itok=oBkmR3dF
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Before they talk seriously about increases in benefits, they need to first make the program sustainable as is and Congress has ignored doing that for decades.
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S.D. How are we going to pay for a 40 to 60 percent increase in benefits for millions . My SS would have to increase by $419 per month, 45.5%, just to equal 125% of the single poverty rate. I do have other retirement income, so it would be a windfall that I do not need. Also, what are the tax rates in the countries from your list that pay a higher percentage of income in retirement benefits. I bet it is a lot higher than the US SS tax rate. There is no free lunch, there is always some politician promising a chicken in every pot, without paying for it. CRAZY!!!!
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If America can give CEO;s million dollar bonuses, , tax write off’s for Millionaires and billionaires, That collect SSA benefits at retirement age by the way…. America can make an adjustment that to collect SSA benefits at retirement age you can not have other financial retirement funds, stocks, IRA, etc.. of more then 500 thousand dollars. redo the calculation that SSA uses as to determine amount of benefits you will receive, which is in favor of top earners,, Raise the cap of contribution to 500 thousand dollars. Many Many Retirees have worked their whole life for low wages, but receive the lowest benefits. SSA COLA’s are greatly needed for them, that never earned as to save for retirement, IRA, retirement accounts, etc..
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America doesn’t give CEOs any thing, their shareholders do. Most of the tax benefits in the IRC go to very average people.
Everyone collects Social Security based on their income up to the taxable limit. The very highly paid are mostly paid not through wages but stock option and awards which may or may not have growing value. A tiny percentage of workers earn $500,000 or more. The SS benefits calculation is actually designed to favor the lower income individual.
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I hope it gets really high,, as high as can be.. its truly needed…at this time. Also.. when are they going to do an increase in the Social Security?? Like Biden said??
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But you do realize the higher it gets the higher the price for goods and services you pay so you make little or no progress affording things.
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The big question is how much will the Medicare premium increase. Some years it can take away most of your COLA. But, I guess at least your premium increase does not take even more out of your budget.
No matter what the COLA ends up being, you will always have to make choices how best to spend your money. When steak prices spiked to $13+ per pound I stopped buying steak. I just purchased porterhouse steaks yesterday for $8.98 per pound, what a difference a month makes in prices. You can always look for stuff that is on sale or used to save money. For auto parts I use Rockauto.com, you can save 30 to 60 percent over what local auto parts stores charge. The best thing that I have done to improve my standard of living is ZERO credit card debt and a $10,000 emergency fund.
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Penalize/ Regulate prices on any goods and services providers that do not pay a living wage to their employees that equal no less than 150 % above the yearly poverty. People avoid shopping and getting services from any that do not comply, and pay employees 150% of the poverty. AS the minimum wage act is not working…..
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