Social Security Cost-of-Living Adjustment for 2022 Is 5.9%

SlugSlinger

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Largest cost of living increase in 40 years. Too bad the increase won’t cover the actual inflation increases.
And it Sure sounds a lot like the 70s, at least the cluster related to uncontrollable cost increase in everything. Only difference now is interest rates haven’t started to sky rocket yet.


lark.com StaffOctober 13th, 2021
The Social Security Administration (SSA) just announced a major year-over-year rise in monthly benefits for Social Security and Supplemental Security Income (SSI) recipients.

The October 13 announcement of the 5.9% hike in benefits is the largest cost-of-living raise in nearly 40 years.

Here’s Your Social Security Cost-of-Living Raise for 2022

The SSA says the 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2022. Increased payments to SSI beneficiaries will start at the end of December 2021.


The average monthly Social Security check in June 2021 was $1,555 for retirees, according to the SSA. That means the 5.9% increase next year will translate to approximately an extra $92 in an average check each month. You can view your COLA notice online through your my Social Security” account.

COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers(CPI-W), a broad measure of the price of food, energy, health care, housing, transportation and more.

In years when there is no inflation, there is no increase in benefits. However, benefits are never reduced if there’s no inflation.

Historical Cost-of-Living Adjustments From the Social Security Administration

You can see the full history of cost-of-living adjustments here.
 

aarondhgraham

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I ran the numbers and found,,,
That will just about cover the increases (starting Jan 01, 2022) in my Medi-Gap policy payments.

I'm not complaining, mind you,,,
Any increase in my benefits is a good thing,,,
I'm just stating that the COLA raise barely covered my COL increase.

Aarond

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rickm

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They just tell part of the story and throw numbers up so they can make it look like they are doing something good but if they would tell the whole story people would see what a scam it is cause they are going to raise the cost of everything else to get their money back and then some. you would be better off not getting a cola to begin with if everything would stay the same. What gets me is i have to sign up for Medicare the first of the month because of my age but if i dont they will pentilize me when i do in the way of tripling the cost. Im currently insured at a lower cost than what medicare will be but since it isnt a employer base coverage i have to sign up. which to me is BS.
 
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