In October it was announced that the cost of living increase would be 5.9% for 2022.
The last time it jumped this much was almost 40 years ago.
Every year following the third quarter the Social Security Administration adjusts how much their beneficiaries get paid. To figure it out they use the Consumer Price Index for Urban Wage Earners and Clerical Workers.
Related: Social Security: New Social Security proposal increases benefits
In October after looking at July through Sept. data, it was announced the increase would be 5.9% based on inflation.
How much will the increase be per month?
The average increase people should see is around $92 per month. The average payment will jump from $1,565 to $1,657.
In 2021 the increase was just $20.
If you collect the maximum amount of social security, the increase will be an average of $197 per month. This raises the payment from $3,148 to $3,345.
Related: Social Security: Will funding run out, ending social security?
SSI will jump to $841, which is $47 more per month.
Disability insurance will go up $40 for those that are not blind, and $70 for those who are.
64 million people will be impacted by the change starting in January of 2022.
8 million people who collect SSI can expect payments Dec. 30, 2021.
Related: Social Security & Medicare: How much comes out of my benefits to cover Medicare?
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