Social Security payments are adjusted each year to account for cost of living increases. And with inflation surging during the economic recovery from the COVID-19 pandemic, the next adjustment will likely represent the largest increase in Social Security payments (6.2%) in the last 40 years.
So what does this mean for the average recipient of Social Security income? About an extra $100 a month. This Barron’s article explains everything you need to know about the upcoming increase in Social Security income.
This communication is for informational purposes only. No content or reference to a third-party article is intended to be a recommendation for the sale or investment in any product, strategy or service nor should it be perceived as individual advice. This commentary does not necessarily reflect the opinions of all employees or XML Financial Group and its affiliates (“XML”). XML is not responsible for any actions taken related to this information.
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