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Joe Winner

WASHINGTON - AUGUST 11: Marion Crawford (L) and Eleanor Moultrie (C) attend a rally to mark the 70th anniversary of the Social Security Act and to call on U.S. President George W. Bush not to privatize the system August 11, 2005 on Capitol Hill in Washington, DC. Bush's social Security reform legislation is facing tough opposition from legislators. (Photo by Alex Wong/Getty Images)

Inflation is here, but for retirees at least there’s some welcome good news.  Today the Social Security Administration announced the 2022 cost of living increase for social security recipients will be 5.9%. According to CNN, that’s the largest increase since 1982. The reason for this big bump?  Inflation.

Most years the COLA increase averages 1.4% but this year, due to rising costs everywhere from the gas pumps to the grocery stores to rent, those individuals receiving Social Security will get a big bump. If you were getting $1500 a month, starting in 2022 that amount will now be $1588.50.  To determine what your new payment will be, take the amount you’re getting now and multiply it by 1.059.  Hopefully that bump will help cover your next trip to Publix.

Want more news? Use it while you can. According to the most recent Social Security trustees’ report the fund that pays the benefits will be completely depleted by 2033. Once the pandemic hit in 2020, a lot less people were paying into the fund. What will they do in 2033 when the money’s all gone.

We don’t know.

And unfortunately, as one commenter pointed out:

 

 

Like most people in this town, Joe Winner hails from the Midwest. Ohio. When not on the air, you’ll find Joe all over town supporting community events and various charities and handing out fun stuff to all the people. Joe’s on-air features include “Joe’s Meals On Wheels” serving up free lunch, and “Intermission” where the listeners have to name the correct movie of the day to win fantastic prizes.