When will COLA go into effect for 2022? How to calculate your Social Security benefits

2022 will see some changes, one of the biggest being a 5.9% increase in COLA, raising Social Security benefits.

This is the highest increase in almost 40 years.

The reason it’s gone up so much is due to the rapid rate of inflation, which hasn’t slowed since the announcement of the COLA increase.

The increase is calculated by using the Consumer Price Index for Urban Wage Earners and Clerical Workers for the months of July, August, and September. It’s then announced in October every year.

Related: Here are 4 of the biggest changes for Social Security that happened in 2021

While the increase is great news, it’ll likely go towards things like rising Medicare costs. This means that the extra $92 dollars that seniors will see in their monthly payments won’t make much of a difference.

This has led the Senior Citizens League to call on Congress to send an additional $1,400 check just to seniors. This would help offset the cost of inflation that’s surpassed the COLA increase. It would help with the rising Medicare costs as well.

Some people collecting Social Security benefits will see the change go into effect in Dec. on the 30th.

Related: Here’s how to find out what you’re getting paid in Social Security benefits for 2022 early

Millions will see larger checks beginning in Jan. 2022.

To figure out what you’re getting in January, just take your current monthly payment and multiply it by 5.9%.

Members should be getting letters this month detailing their specific situation.

Medicare Part B is increasing by $29.60, which will come directly out of Social Security checks.