Social Security

The adjustment is likely to be announced this week and expected to be around 9%. It's welcome news for recipients struggling with inflation.

The program is expected to provide a large benefits increase in 2023. Until then, many on fixed incomes have to tighten their budgets.

Waiting until age 70 to file for Social Security means a roughly 76% boost to benefits.

Author Anne Helen Petersen compares being single in the United States to living in a hostile climate like the Arctic.

Social security and SNAP benefits are adjusted every year for inflation. While that tends to be enough in normal years, it's not enough right now.

The 5.9% increase isn't typical, as cost of living increases for Social Security are usually under 2%.

But inflation will eat into the raise.

Social Security provides cost of living updates. But for those with additional money to invest, inflation can eat into more conservative investments like cash and bonds.

The list includes dwindling trust funds for Social Security and Medicare and potential bubbles in the housing and stock markets.

Additional coronavirus aid for state and local governments is a likely point of contention.