The COLA Will Increase Beneficiaries’ Social Security Benefits by 2022
The average monthly Social Security income will be $1,565 in 2021, according to projections. According to the Social Security Administration, the average monthly income will climb to $1,657 when a 5.9 percent cost-of-living adjustment is implemented this year. For the average pair, this implies that they’ll be able to take home about $3,000.
After a year of extraordinary inflation, the nearly $100 raise is welcome news. In the past year, prices have risen by 6% across virtually all key industries, including, crucially for elderly citizens, across all major grocery store categories.
Increases in the consumer price index (CPI) have hovered between 1% and 1.3 percent in recent years. COLA increases this year are among the largest in decades.
It is estimated by Forbes that an additional 62 million Americans who receive Social Security payments would benefit from the rise in payouts in January 2022. Supplemental Security Income (SSI) recipients will notice an increase in their payments starting on December 30. The SSA predicts that an additional 8 million people will benefit from enhanced SSI payments next year.
There will be an increase in the amount of money SSI recipients will get each month from $794 to $821 by the year 2022, Forbes reports. Nearly 3 million Americans receive both Social Security and Supplemental Security Income (SSI) payments. The $47 boost will help them in particular.
With SSI and normal Social Security benefits, you may be getting about $2,500 a month in 2022 if you are eligible. Visit mySocialSecurity to utilize the SSA Social Security calculator to get an idea of how much you may expect to receive following the COLA adjustment. By visiting this page, you will be able to input your own information to get a more precise estimate of how the COLA adjustment will affect you personally.
The Social Security Administration (SSA) will begin notifying you in December if you are slated to receive payments in 2022.
All of the data shown represent those who have reached the legal age of retirement (FRA). If you begin distributions before your own FRA, you may be eligible for a reduced payout.
