Social Security, wage hikes and SNAP could alleviate inflation

With ostentation expected to support rising into the caller year, Americans tin usage each the fiscal assistance they tin get successful 2022. Fortunately, immoderate volition get a boost successful income to assistance them header with higher prices for everything from state and nutrient to energy, household items and wellness care.

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Here’s a look astatine 3 antithetic ways you mightiness get much wealth successful 2022:

Wage hikes

Although the national minimum wage has been stuck astatine $7.25 an hr for much than a decade, definite cities, states and counties person enacted their ain hikes. A full of 74 states, cities and counties raised their minimum wage this year, New Hamphire’s WMUR reported, citing information from the National Employment Law Project. The task is inactive tabulating the fig for 2022, but expects it to beryllium astir the same.

For example, the minimum wage successful Arizona volition summation to $12.80 an hr successful 2022 from $12.15 this year, portion the minimum wage successful Colorado volition emergence to $12.56 an hr successful 2022 from $12.32 this year.

In addition, the minimum wage for national contractors volition emergence to $15 an hr during 2022 pursuing an enforcement bid signed by President Joe Biden. The higher wage volition instrumentality effect erstwhile caller contracts are signed oregon erstwhile definite actions are taken, specified arsenic extensions oregon renewals.

Meanwhile, a fig of large employers person raised oregon volition rise the minimum wage for their ain workers, GOBankingRates antecedently reported. In immoderate cases, the hikes person doubled workers’ pay. The database of high-profile companies that person already raised their minimum wage includes Aetna, Amazon, Bank of America, Ben & Jerry’s, Best Buy, Cigna, Costco, Facebook, Fifth Third Bancorp, Google, JPMorgan Chase, Target and Wells Fargo.

Social Security

Social Security recipients volition get their highest cost-of-living accommodation (COLA) successful decades adjacent year, erstwhile monthly payments volition emergence 5.9% to relationship for inflation. As GOBankingRates precocious reported, the mean monthly Social Security payment for 2022 volition emergence to $1,657 from $1,565. For couples, the mean volition beryllium astir $3,000 a month.

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The COLA for 2021 was lone 1.3%, WMUR noted, which translated into astir $20 other a period for recipients.

Food stamps

Americans who suffice for nutrient stamps got a hike successful October erstwhile the national government’s caller fiscal twelvemonth began. The mean monthly payment for the 2022 fiscal twelvemonth roseate to $251 per person, up from $240 per person. The summation is the effect of a imperishable update to the Department of Agriculture’s Thrifty Food Plan, which determines the payment magnitude of the Supplemental Nutrition Assistance Program (SNAP).

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SNAP recipients besides got a cost-of-living accommodation that amounts to $3 a period for the existent fiscal year.

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This nonfiction primitively appeared connected GOBankingRates.com: How Social Security, wage hikes and SNAP volition alleviate ostentation successful 2022