Social Security checks are going up in 2022, but so is inflation and medicare. You can find out more in the SeniorsMatter caregiver news minute below or in our Caregiver Rundown.
Big changes are coming for social security recipients in the new year. In January, beneficiaries will see the biggest cost of living adjustment in more than 40 years—a 5.9% jump. But those bigger checks may not be enough to cover the bills.
According to the Consumer Price Index, inflation is also on the rise, surging to 6.8% in November. The highest jump since 1982. Medicare costs are also going up—standard premiums are scheduled to jump over 14% year-over-year. That could be a problem for those living on a fixed income.
How to manage the rising costs:
Those stressed about upcoming changes might consider reaching out to a financial advisor or making lifestyle changes—like downsizing your living space, selling your car, or eating more at home.
If you want to talk to someone about your specific concerns, visit our SeniorsMatter local caregiving directory to find the best senior-focused financial advisors in your area.
SeniorsMatter has a dedicated group of experts to help answer your questions on a variety of topics, including finance, retirement and Social Security. To ask a question to our experts, you can submit a question at the bottom of this local resource page in the “Ask the Expert” section. Stay tuned for our dedicated Expert section on SeniorsMatter in early 2022.