For the first time in many years, Social Security recipients can look forward to a healthy increase in the cost of living adjustment (COLA) for their monthly benefit. Compared to 2021’s 1.3% hike, the 5.9% 2022 increase announced on October 13 is a welcome change.
When exactly will it take effect?
Social Security beneficiaries will begin to receive the increase in their January 2022 checks or electronic bank deposits. It’s estimated that more than 70 million Americans will benefit from the increase. That total includes 64 million Social Security recipients and as many as another eight million people receiving Supplemental Security Income.
It’s not just retired workers who rely on Social Security. Also included in the benefit are widows as well as disabled people and their families.
How much of a difference will people see? For the average monthly benefit of $1,565, the 5.9% increase will mean another $92, bringing the monthly payment to $1,657. That’s $1,104 more for the year.
Council of Seniors Wants to Keep COLA Increases Strong
Here at Council of Seniors, we’re focused on getting Congress to pass The SAVE Benefits Act. This proposed law is designed to make sure the Social Security cost of living adjustment (COLA) keeps pace with inflation. If this bill passes, seniors who are eligible will be reimbursed $581 that should have been added to the benefit in recent years.
Please sign our petition right now! Let’s show Washington politicians they can’t ignore this issue any longer. Your participation in this effort can make a real difference in returning this money to seniors.
How do you plan to use the COLA increase? Leave us a comment and let us know.