Social Security benefits are set to rise by 8.7% next year – the fourth-biggest increase since automatic inflation adjustments were introduced in 1975.
Will Social Security recipients feel the COLA increase?
These Americans, which tend to be lower income and don’t have pensions, aren’t going to feel any different from the COLA increase, said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. "This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.
Like Social Security, Veteran Affairs benefits and pensions are tied to the same COLA as Social Security. So recipients should see an 8.7% increase in January. The Department of Veterans Affairs is set to release finalized VA compensation rates on Dec. 1.If your combined income, which includes half of your Social Security benefits and your adjusted gross income, is at least $34,000 for individuals or $44,000 for joint tax filers, up to 85% of your benefits could be taxable.
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