The cost-of-living increase, which will affect roughly 70 million people starting in late December and January, is tied to a measure of inflation that has surged this year as prices rise in a U.S. economy emerging from the pandemic. Experts caution that millions of seniors will in reality see substantially less than a 6 percent bump, because Medicare Part B premiums are deducted from Social Security beneficiaries’ checks and are tied to seniors’ income. The increase in benefits will amount to roughly an additional $92 per month for seniors.
Read more...The Social Security benefit increase has averaged about 1.7 percent over the past 10 years. This year’s increase amounts to the biggest since 1982, experts say.