![]() With a 5.9% increase, the average beneficiary will expect to receive approximately $100 more each month. The average monthly Social Security benefit is currently (for 2021) $1,565. Although anticipated recently, it is still a surprising number given the pandemic and financial uncertainty the past two years.” Martha Shedden, President and co-founder of NARSSA, says, “The highest COLA in 40 years, a welcome increase for retirees. Over the last 13 years, there have been three years with a 0% COLA. ![]() There have even been years with a zero percent COLA. In 1982, there was a 7.4 percent COLA increase. ![]() Last year’s COLA was only 1.3% so this is much bigger! This is actually the largest COLA in 40 years. The third quarter includes July, August, and September. The Social Security Administration just announced the 2022 Social Security Cost of Living Adjustment (COLA) and it is a whopping 5.9 percent.īeginning January 2022, more than 64 million Social Security beneficiaries will receive a 5.9% increase in their Social Security benefits.Īccording to the Social Security Administration, “The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.”ĬOLAs are calculated based on the increase in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) in the third quarter of the current year compared to the increase in the CPI-W in the third quarter of the previous year. ![]()
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