Most retirees are well aware the Social Security cost-of-living adjustment (COLA) for 2022 will be the largest in 30 years. Instead of the 1.5 percent average of some recent years, the new COLA will be a 5.9 percent increase.
The Social Security Administration (SSA) has provided estimates for the average payouts that can be expected beginning in January 2022. Of course, the actual amount received will be based on the number of years you worked, your earnings, and your marital status.
The average monthly benefit for an individual will rise to $1,657 from $1,565 in 2021. That means an additional annual income of about $1,200.
For the average couple on Social Security, the benefit will be $2,753, while a widow or widower is expected to receive $1,553 a month.
Social Security also takes into account those with children. A widowed mother with two children will be paid $3,187 in benefits. A disabled married worker with one or more children is likely to get $2,383 a month.
The payment for all disabled individuals is estimated to average $1,358 monthly.
Recipients will be notified in December of the new amount, but it can be found online if you register for a mySocialSecurity account with SSA.
Council of Seniors Wants the COLA to be Meaningful
Given inadequate COLA increases in recent years, Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. This bill is an effort to make up for an estimated $581 that was not received by seniors.
Act right away to sign our petition! Tell your friends and neighbors to help, too. Washington politicians must make this a top priority during these trying times. Your support in returning this money to seniors will be greatly appreciated.
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