Biggest raise in decades for Social Security?
Last updated 8/25/2021 at 10:17am
Don't count your money before it's in hand, of course. But word is that the Social Security increase we see in January could be as much as 6.1%, the largest since 1983.
For the average benefit recipient, currently receiving $1,543, that could amount to $94 per month. It's a few years too late for a serious increase, but certainly better than the 1.3% bump we saw for 2021 and the 1.6% the year before.
Social Security is calculated by the cost-of-living adjustment in the third quarter each year. For 2021, they calculated that a 1.3% increase should be plenty. We know that was wrong, as prices...