We should know this month if Social Security recipients will get a cost of living increase.
Cost of Living (COLA) increases are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. The official calculation is released in October and is based on data from July, August and September data.
The Senior Citizens League thinks the COLA for 2022 will be about 6.1 percent.
In 2021, the COLA was 1.3 percent.
Social Security increases mean that inflation is increasing the cost of consumer goods. Gasoline has risen 41.8 percent in 12 months.
Allyson Good curates senior living, health, and family content. She is formerly the Managing Editor of Active Life, a print newspaper published in 2016-2017 for seniors, choosing practical articles on health, money, safety, and everyday living for older readers. She is also an avid gardener and offers up Garden Hints and Tips on a regular basis.
