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Social Security Raise

For 2022, Social Security will receive a 5.9% increase.
Social Security

Photo via Tenor

Used by permission from MRHerrera.com

For 2022, Social Security will receive a 5.9% increase. The last “high” social security raise was in 2008, when social security recipients were given a 5.8% increase. The highest raise before that was in 1981 when a whopping 14.3% was issued.

This raise will amount to an average monthly increase of $92 per month. While this is good news for social security recipients, it is also bad news for the US as whole. This means that inflation is rearing its ugly head.  Federal retirees who are under the Civil Service Retirement System (CSRS) will also receive the 5.9% increase. However, Federal retirees under the Federal Employees Retirement System (FERS) will receive a 4.8% increase.

Desert Financial and Tax Services provides financial guidance and tools to aid individuals in becoming debt-free. Contact us today for more information! (928) 315-0040.

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