The Impact of the COLA on the Average Elderly Couple in 2022
A monthly Social Security benefit of $1,565 was the average in 2021. The Social Security Administration estimates that the average benefit will rise to approximately $1,657 after a 5.9% cost-of-living adjustment takes effect next year. In other words, the average couple will receive roughly $3,000 in benefits per month.
There has been an approximate increase of $100 following the unprecedented inflation the past year. According to Yahoo, the high prices of nearly all major goods in almost all major grocery store categories have increased by 6% over the past year, especially for seniors. The COLA increased by around 1-1.3% over the past two years. Its adjustment this year is one of the biggest in decades.
As Forbes estimates, nearly 62 million Americans will benefit from the increase in stipend in January 2022. Those who receive Supplemental Security Income will have their benefits increase a little, beginning on Dec. 30. The SSA estimates that approximately 8 million additional SSI beneficiaries will benefit from increased benefits next year.
SSI beneficiaries’ monthly benefits are expected to increase from $794 in 2021 to $821 in 2022, according to Forbes. Nearly 3 million Americans currently receiving Social Security and SSI benefits will especially benefit from this increase.
It is possible to receive nearly $2,500 per month from SSI and regular Social Security in 2022. Get a free estimate of your Social Security benefit after the COLA adjustment by using the SSA Social Security calculator at mySocialSecurity. Using the calculator, you can estimate the impact of the COLA adjustment based on your own personal information.
Starting in December, SSA will notify you if you are scheduled to be a recipient of benefits in 2022.
The above represent retirees who have reached their full retirement age. In the case of beginning distributions before your own FRA, your payment may be lower.