Keep In Mind
Benefits don’t necessarily increase every year. While there was a record increase of 5.8% in 2009, the next two years had 0% increases. According to financial experts, those years were difficult for seniors, as they spend so much on health care. They also point out that a similar scenario may occur if the economy goes into recession.
What the COLA means if you haven’t claimed Social Security benefits
If you decide to claim your retirement benefits, you’ll have access to the record-high COLA. But according to experts, you’ll still get access to it if you wait to apply for your benefit checks at a later date. For instance, if you’re 62 now and don’t start claiming, your retirement benefit is adjusted by every COLA until you do.
While this year marks a record-high COLA, recipients should be prepared for future years where rises aren’t as high. If inflation rates ease, the COLA will also go down.
You may also want to read Will Social Security Run Out of Money? Here’s What You Should Know.
2 Responses
WELL I AM 88 HAVE BONE CANCER WIFE HAS BAD HELTH ALL SO 80 YERS OLD WE DONT GET A LOT OF SS CANT GET DISAB. DONT GET A LOT OF MONEY FROM SS TO PAY FOR EVER THINGS DOCTOR COL PAYMENTS WE COULD USE A FUE MORE EACH MO. BUT CANT GET IT WE NEED MORE HELP BUT
What is going on with bill H.R. 82 – 117th act of 2021 ?????