Social Security going up 5.9% in 2022
HUNTSVILLE, Ala. (WAFF) - If you receive social security, starting next year, the money you get every month, is going up.
It’s the biggest percentage increase in the largest in 40 years up to 5.9%. Some seniors we talked to say this translates to more than $80 dollars a month.
An estimated 70 million people across the country rely on social security to pay their bills. The prices for everyday items like groceries, medicine, vehicles, and rent has gotten out of hand.
Employees with the Social Security Administration say the 5.9 percent increase is to keep up with the cost of living. The last time you on social security have seen this big of a jump was way back in 1982.
Here’s what some seniors in the Tennessee Valley who collect social security say about the big announcement.
”A raise that I remember that we got when I first started drawing it, was like 5 dollars a month. This is huge to me. I’m very excited,” said Helen Cain.
“It’s still not going to cover what’s going on right now and it’s not over. We’re in a situation right now where prices are just constantly going up. Prices like food and transportation and that hurts people pretty hard,” said Jack Stewart.
WAFF reached out to several tax experts to find out how raising social security by almost 6 percent, will impact all of those who pay into social security.
They say it could be weeks or months before we know for sure how much this will impact people with jobs.
Copyright 2021 WAFF. All rights reserved.