2022 - ERB FINANCIAL

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Big Boost for Social Security Payments

The Social Security cost-of-living adjustment (COLA) for 2022 is 5.9%, the largest increase since 1983. The COLA applies to December 2021 benefits, payable in January 2022. The amount is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from Q3 of the last year a COLA was determined to Q3 of the current year (in this case, Q3 2020 to Q3 2021).

Despite these annual adjustments for inflation, a recent study found that the buying power of Social Security benefits declined by 30% from 2000 to early 2021, in part because the CPI-W is weighted more heavily toward items purchased by younger workers than by Social Security beneficiaries.

Sources: Social Security Administration, 2021; The Senior Citizens League, August 11, 2021

 

Link to Printable PDF:    2022 01 January Newsletter

 

IMPORTANT DISCLOSURES

ERB FINANCIAL is an independent contractor who offers Investment Advisory Services & Securities through Excel Securities & Assoc., Inc. member FINRA, SIPC, 200 Canal View Blvd., Rochester NY 14623, 585-424-1234.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NY. No offers may be made or accepted from any resident outside the specific states referenced.

 

Prepared by Broadridge Advisor Solutions Copyright 2022.

 

 

 

Filed Under: Articles, Social Security

Call: (585) 426-8190

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Copyright 2019 - ERB FINANCIAL is an independent contractor who offers securities and advisory services through Excel Securities & Associates, Inc., 200 Canal Park Blvd, Rochester, NY 14623, 585-424-1234 • Excel Securities & Associates, Inc. and Erb Financial are separate entities; There is no common ownership between the two. Excel Securities & Associates, Inc. is a Member of [FINRA] and [SIPC]
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  • Home
  • About
    ▼
    • Our Company
    • Our Team
  • Tax
    Services
  • Investment
    Services
  • Resources
    ▼
    • Helpful Links & Websites
    • Financial Calculators
    • Tax Topics
    • Tax Preparation Checklist
    • Newsletters
    • Forms & Worksheets
  • Blog
  • Contact
    ▼
    • Contact Us
    • Driving Directions
  • broker