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 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.
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.
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.