The grim reality of social security record "Raise" in 2022 | Personal finance | MCUTimes

The grim reality of social security record “Raise” in 2022 | Personal finance

That grim reality is that most of the program’s recipients are not going to see much or any of this increase as higher prices on a number of goods and services eat up their payout boost.

For example, the Congressional Research Service estimates that Medicare Part B monthly premiums will increase from $ 148.50 in 2021 to $ 157.70 per month in 2022. This equates to an increase of 6.2%, which is even higher than TSCL’s predicted COLA. Between 2000 and 2020, the average annual Medicare Part B premium increase was 5.9% compared to an average COLA for social security of 2.2% over the same time frame. And that’s not all.

According to the Bureau of Labor Statistics (BLS) inflation data from August, a number of other key categories in the consumer price index for all urban consumers (CPI-U) show signs of higher inflation. CPI-U is similar to an economic measure to CPI-W. In August, CPI-U shelter inflation rose by 2.8% over the following 12 months, food inflation rose by 3.7% and electricity up by 5.2%. While used car inflation may not affect Social Security retirees, they all need a roof over their heads, food on the tables, and electricity in their homes.

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