The Social Security COLA growth is set to influence slightly over two weeks, and millions of married couples anticipate increasing their benefits.
When 2022 begins, couples will earn approximately $154 more per month. The average monthly salary will increase from $2,599 to $2,753. Single claimants will see an average monthly increase of $92. Their pay will increase from around $1,565 to $1,657.
The amount you earn each month is determined by how much you earned while working and the age you began claiming benefits.
Beneficiaries of Social Security will see their first payment increase in January, while those receiving SSI will see their increase on December 30, 2021. The increase will affect 70 million people.
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In December, recipients will receive a letter outlining their specific changes for 2022. If you want to see the details but haven’t yet received your letter, you can look through your junk mail.
How does COLA work?
COLA, or cost-of-living adjustment, is a program that assists seniors and disabled Americans in keeping up with inflation on a fixed income. The Consumer Price Index for Urban Wage Earners and Clerical Workers calculates the price.
The COLA increase is determined by examining the increase in inflation from July, August, and September. The COLA will not increase if there is no increase. This year, the increase was so significant that it was 5.9 percent, the highest since 1982 when it was 7.4 percent.
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