How High Could You Earn on COLA as Couples, Widows, and Disabled Workers in 2022?
Thanks to a 5.9% cost-of-living adjustment, Social Security recipients will get their biggest payment increase over the past 40 years in 2022, with an average monthly benefit of $1,657.
According to Yahoo, in 2022, Social Security will undergo numerous changes, including the COLA. A number of other increases include those in Supplemental Security Income, Social Security Disability Income, and Medicare Part B premiums. As a result of spiraling inflation that grew at 6% or more for most of 2021, all increases were made.
Despite receiving the most attention, the COLA increase may not be enough to offset rising prices for everything from gas and groceries to health care and medicine.
Also read: How To Get A Medical Marijuana Prescription By Texas Law? Check Here!
With interest rates expected to rise in 2022, a lot will depend on the Federal Reserve’s ability to control inflation. The impact of Social Security on your budget cannot be predicted with certainty, but you should make preparations based on the expected increase.
According to the AARP, payments for various Social Security recipients will differ in 2022:
- Couples that both receive benefits: Average monthly payment will rise to $2,753 from $2,599 before the COLA
- Widowed parent with two children: Average monthly payment will rise to $3,187 from $3,009
- Widow(er) living alone: Average monthly payment will rise to $1,553 from $1,467
- All disabled workers: Average monthly payment will rise to $1,358 from $1,282
- Disabled worker with a spouse and one or more children: Average monthly payment will rise to $2,383 from $2,250
