Call 708-350-4767 to speak with a licensed insurance agent.

Call 708-350-4767 to speak with a licensed insurance agent.

Social Security Recipients are in Store for a Nice Raise!

Posted by Tina Konieczki, November 3, 2022

Times aren’t exactly easy for those living on a fixed income, such as retirees who depend upon Social Security and their retirement savings. But we do have some good news. Beginning in January, Social Security beneficiaries will receive one of the largest-ever cost of living increases (COLA).

In January, Social Security checks are set to rise by 8.7 percent – the largest cost of living increase since 1980!

Social Security beneficiaries will see this increase on their first checks of the new year.

Since cost-of-living increases are based upon each year’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the goal is to help retirees keep their budgets in line with current inflation figures. But it’s important to note that the CPI-W does track expenses that impact urban wage earners, which might not line up exactly with expenses most common to retirees.

For example, the cost of gas might impact you less, because you don’t commute to work anymore. But the cost of healthcare generally impacts you more after age 65. And of course, housing and food impact everyone.

Another issue to remember is that some retirees do pay taxes on their Social Security benefits, because their overall taxable income rises above certain thresholds. Talk to your tax professional if you’re close to those thresholds already, because a few of you might find that you cross into a new tax bracket.

Whether or not this COLA helps you enough will depend upon your own lifestyle and budget. But for most, any cost-of-living increase in checks is a welcome one. And if you need help budgeting for the cost of your healthcare, remember we are here to consult with you about your Medicare plan(s).

Need more information on your insurance options?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close