Social Security will get a 5.9% Cost of Living Adjustment for 2022. The $92 per month adjustment will be the biggest increase to Social Security benefits in 39 years. It’s all due to inflation, which saw major increases over the last 8 months.
It amounts to an extra $92 per month for the average retiree, according to estimates released by the Social Security Administration. The year-to-year change is significant. Last year, the COLA was 1.62%.
How much will that be per month for the average retired worker?
The average Social Security recipient will receive $1,657 per month, according to officials. Beginning in January the new benefits will take hold. For couples, the average monthly benefit will increase $154 or to $2,753.
While that may seem significant — many skeptics have warned that it will only mean a modest increase in overall economic benefit. For example, the cost of living is rising so fast in the U.S. that much of the COLA increase will be eaten up by rising rent costs, greater expense at grocery stores, and higher monthly costs for heating bills in the winter months.
Is the cost of living adjustment enough for seniors?
Most seniors agree that it isn’t enough. Advocacy groups have been calling for an added stimulus check for retired workers — on top of the benefits being handed out by the Social Security Administration.
“Our costs keep increasing,” Marvin James told FingerLakes1.com last week. “It’s not getting any cheaper to live, rent keeps going up, and my grocery bill keeps increasing. And that’s not even taking into account growing medical costs. I don’t want to have to choose between my medications and eating meals — but even with the cost of living adjustment being discussed — that day is coming for me.”
The new Social Security benefits will hit bank accounts of retired workers in early-January on the same schedule that has been observed in recent years.