With the year wrapping up, the holiday season in full swing, and 2022 approaching fast, it’s a time when many people are thinking positively.
While the Christmas cheer and high hopes for the coming year should lift your spirits, it’s also important to stay up to date on our changing economy.
We at NORA believe in watching the state of finance and Social Security payments closely, so we can serve our base effectively and address any concerns they may have. This is why it’s important for us to address the potential for bad news that many retirees are concerned with.
For some retirees, their fear of bad news stems from a concern about the good news they recently heard concerning Social Security recipients receiving a well-deserved raise.
Why Social Security Recipients Are Concerned About the New Year
The 5.9 percent cost of living adjustment is a fine start for the increase Social Security recipients deserve, provided this number keeps increasing yearly on par with inflation.
But along with concerns about the additional increase making the program run out faster, there are also concerns about the Social Security wage base increasing.
Add in the continuing trend of rising prices, and it seems like a perfect storm of factors that will make retirees rethink their financial decisions heading into 2022. Even those Social Security recipients who are not completely dependent on their payment deserve to know about the potential financial challenges they’ll face so they can prepare ahead of time.
What’s the Good News for Social Security Recipients?
Social Security recipients may be gearing up for changes in our economy like everyone else is — but the good news for retirees is they have a trusted partner to fight by their side for fair benefits.
We believe that every senior deserves to know all about the changes to Social Security, good or bad, and we’re committed to keeping you informed every step of the way.
Not only do we provide news Social Security recipients need, but we also fight for seniors on the legislative floor. Learn about our efforts to guarantee a fair yearly COLA here, and then follow us on Facebook and Twitter so you never miss a post.
