Savings Day – Social Security Benefits and Inflation
Have you heard about the Social Security cost-of-living adjustment?
The Social Security Administration has been giving cost-of-living adjustments since 1975. That’s the year I graduated high school. In 2022, recipients will receive a 5.9% raise – the largest increase in 39 years. This is government confirmation that inflation, though repeatedly called “transitory,” has verifiably entered a new phase. Expect it to linger awhile. Several weeks ago, Treasury Secretary Janet Yellen said that she doesn’t believe high inflation will ease until mid-2022, but she also doesn’t believe that rising prices are out of control. Basic economics says that we should expect the cost of goods and services to rise as the government pumps more and more money into the economy. So we must learn contentment in these times and wisely manage every dollar that passes through our hands. Saying “No” to the things of this world comes easier when saying “Yes” to the things of God and His kingdom. Paul told the Colossians to “…seek the things that are above, where Christ is, seated at the right hand of God. Set your minds on things that are above, not on things that are on earth. For you have died, and your life is hidden with Christ in God.” (Colossians 3:1-4)
So continue giving, saving, and investing while limiting your spending. You should have an account that you can easily access in the event of a true emergency. Set aside money there to cover 3 to 6 months of your overhead. Uncontrolled spending can lead to credit card debt. If you’re struggling to make payments, I recommend Christian Credit Counselors. They’ll create a debt management plan just for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.