Inflation and rising prices due to the pandemic have hurt a lot of people collecting social security, but the changes for the next year are announced in October every year, and rising cost of living usually makes for bigger increases.
The 2022 increase is expected to be historic compared to past increases thanks to the quickly rising cost of living.
How is the change for COLA decided?
The last third quarter of the year is used to calculate the change in 2022, so July, August, and September, and the amount is announced in October. The change goes into effect in January of the next year.
The calculations from the third quarter of 2021 make it look like the increase will be around 6.1%.
When do they announce the following year’s COLA?
Last year it was announced on Oct. 13, so it could be expected to be announced this year on Wednesday Oct. 13 as well.
Anyone receiving SSI can use their My Social Security tool online to get messages about COLA and learn more.
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