I know nothing about this site other than it contains poor writing and misinformation about the SS COLA. Just for fun take a look. Is 8% almost 10% ❓🤔
The administration would do this? No, it’s the law‼️ Every year it increases more and more? No it doesn’t‼️
A Social Security Administration official assured that seniors and all other people who rely on the benefit program could receive a COLA adjustment by the end of the year. This adjustment would involve almost 10%. Exactly, it would be very close to 8%. The Administration would do this in order to get closer to the inflation rate that the country’s economy has at this time.
In this regard, it should be noted that this would be the largest COLA adjustment for more than 40 years. Therefore, the average check of $1,658 would have an increase of $132’64. This increase would raise the average monthly check to $1,790. In addition, the increase would begin to kick in early next year.
After learning this, the Social Security Administration predicts that the COLA increase will not stop. Every year it increases more and more, so it is impossible to think that it will not continue to do so during this year. That’s why the government will try to deal with this increase so that retirees don’t have daily financial problems. Anyway, there is a perfet age to ask for your Social Security retirement and avoid problems with COLA and all of it.