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Social Security Announces Biggest COLA in Decades

By Inflation Watch, Social Security

EXECUTIVE SUMMARY

The Social Security Administration has announced a 5.9% cost-of-living adjustment for 2022 – the largest increase since 1983.

This cost-of-living adjustment, or COLA, is an increase in Social Security benefits helps offset rising prices that could erode purchasing power caused by inflation.

COLA’s are not guaranteed each year, but are announced each October and reflect an annual increase based on the CPI.

The CPI is compared with the same quarter of the previous year. For example, the CPI for Q3 2021 is compared with Q3 2020.

Benefits begin in January 2022.

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John Weninger, CFP®
Wealth Advisor
Endowment Wealth Management, Inc.

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Do I “lose” money by waiting to take Social Security?

By Retirement, Social Security

Executive Summary

Many retirees choose to take their social security benefit as soon as possible at age 62. But is this the right decision? We all know that the longer you wait to get started, the larger your monthly payment will be. In fact, for every year you wait, you earn an 8% increase in the monthly benefit payment. But for those who DO choose to wait, the missed monthly payments can begin to add up (in their mind), which can cause some uncertainty and have retirees asking the question: “Am I losing money by not taking my Social Security benefit payment?” Read More