Do you like surprises?
Most people would say it depends on the type of surprise.
Waking up to find your favorite store has sent you a free offer? Nice. Stopping to fuel up at the gas station, only to realize you’ve left your credit cards at home? Not so much.
Social Security is a program that many retirees know well. However, even it is changing in 2022. The best way to make sure you’re ready for the changes is to separate the good and bad. This way you can prepare for both ahead of time.
Look Forward to Higher Payments, Smarter Design, and More Help
Let’s start with the positives. NORA readers may recall that we broke the news about upcoming changes to Social Security in 2022.
If you haven’t had a chance to read about these changes, there are a few key ones to note. The first and most important is the 5.9 percent increase in benefits which will go into effect in the new year. This is a raise that NORA and our supporters fought hard for, and we thank everyone who signed our petition.
There will also be a redesign of Social Security statements, which could make it easier to understand your benefits and get clarity about where you stand with the program.
Finally, with Social Security field offices reopening after two years of shutdowns in some areas, retirees and soon-to-be retirees can look forward to more help getting their benefits lined out.
Prepare for Potential Risks to Your Benefits by Looking Ahead
There are also risks to your COLA, such as inflation — and no one likes being surprised by how much their expenses are. While all seniors who receive benefits will be impacted by this economic condition, some may be hit harder than others.
For those who feel they don’t have enough to live on after inflation, there are options. Consider reworking your budget or investing spare money to try and grow your benefits.
Whether you rely on your benefit to live or it supplements your existing retirement income, every retiree deserves a fair yearly COLA and someone to fight for it on their behalf — that’s where we come in. Follow us on Twitter and Facebook to learn more.
