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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Oct 15, 2022
Page
5
The Social Security Administration says more than 65 million beneficiaries will see an average monthly boost of over 140 dollars starting in January. The 8.7 percent increase is the largest in four decades, though not the all-time high, last reached in 1981 at 11.2 percent.
This explainer outlines how Social Security is funded by worker taxes and reserves, how benefits are calculated, and the 2035 projection when the trust fund may deplete. It notes the COLA boost this January, the 80 percent benefit guarantee thereafter, and expert views on inflation and employment risks to the fund.
The text states that bigger payments will start after the latest raise and will be permanent and compound. The 5.9 percent increase was the largest in nearly four decades, and the next year’s percentage will apply to the new, higher payment amount beneficiaries receive.
Since 2000 the typical rise in Social Security benefits averaged 2.3 percent as inflation stayed tame through varied economic swings. During the hard years the main worry was inflation running too low. After the 2008 crisis the government announced zero benefits increases on three occasions due to weak inflation.
The change aims to offset rising living costs, tying increases to the CPI W. Ida May Fuller, first recipient, received 22.54 dollars monthly for a decade, with automatic COLA starting after a 1972 law and first applied in 1975.
Eastwood said the board might not welcome new input and cited a former trustee who heard the presentation but did not act. Johnson noted initial discussions among officials about the JEDD and district selection for economic development. A special county meeting with city reps is set for Nov 3 at 6 p.m. at town hall.
The Brunswick ribbon cutting at Pearlview Rehab and Wellness Center drew local officials and Northern Medina County Chamber Alliance members. Stacey Streeter, owner of Oasis Cleveland South, said the firm helps families navigate senior living options and stressed passion and personal experience guiding her work.
The activities department proposed an Oktoberfest for seniors after pandemic break, aiming for participation and fellowship. Toth notes it helps learn about the office and community services through vendor tables while ensuring attendees have a good time. Contact Madisyn Woodring for details.
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