Big Social Security COLA Increase in 2022
Social Security payments are likely to get a big COLA increase in 2022. Currently, projected COLA increases for Social Security are at 6.2% for social security beneficiaries. In 2020, the Social Security COLA increase was only 1.2% If the 2021 projected social security COLA increase were to hold, that would be the biggest increase in social security since 1981!
Keep in mind, that for many Americans Social Security is not enough to live off of in Retirement. 86% of surveyed Social Security beneficiaries say that their retirement income is NOT enough and the COLA increase in Social Security does not help their retirement income or retirement planning. Whoa! That is not what we want here at Your Financial EKG™ & Pearl Wealth Group.
If you are concerned about your retirement investments, retirement income, or social security benefits, contact us HERE and we can put together a Social Security Maximization Strategy just for you! Maybe you are doing retirement planning at 50 or retirement planning at 55, or ever retirement planning at 60, now is the time to have a retirement plan!
Social Security retirement income calculator formula mentioned in video: Social Security amount x .062= Increased Social Security Retirement Income Payment
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