Bideninflation is running at an annual rate of 6.2%. Medicare premiums are increasing by 14.5%. The Social Security cost of living adjustment is only 5.7%. I know that math is supposed to be racist and everything and that there is no wrong answer, but it looks like senior citizens are getting royally shafted.
It “will consume the entire annual cost of living adjustment (COLA) of Social Security recipients with the very lowest benefits, of about $365 per month,” said Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League, an advocacy group. “Social Security recipients with higher benefits should be able to cover the $21.60 per month increase, but they may not wind up with as much left over as they were counting on.”
Medicare premiums have typically increased at a far faster rate than Social Security’s annual adjustments, the league said. And much of the 2022 increase in Social Security benefits will be eaten up by inflation, which is also rising at a rapid clip.