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What to expect in 2022 with the COLA increase

Every year the Cost of Living Adjustment is made for those collecting Social Security benefits.

While it may not go up every year, it will never go down.

2022 will see the highest increase in almost 40 years at 5.9%.

Related: There are 4 major changes every year to Social Security, they may impact you

Here is everything you need to know about COLA

The COLA is determined looking at the third quarter Consumer Price Index for Clerical Workers.

Based on whatever inflation may have happened, benefits are adjusted to keep up.

This led to a 5.9% increase in 2022. The cost of inflation due to the pandemic greatly increased in a short period of time.

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

Thanks to the boost, single beneficiaries can expect around $92 more dollars per month while married beneficiaries will see $154 more.

70 million people are impacted by the COLA increase.

COLA was created in 1973 to help seniors on a fixed income be able to afford inflation.

The earlier you choose to retire, the less you might receive in benefits.

Related: Online statements for Social Security benefits are redesigned

If you wait until your full retirement age, which is 66 or 67 depending on your year of birth, you can get your full retirement.

If you can wait until 70, you’ll get the maximum amount possible.

Social Security beneficiaries will see the increase in their checks in Jan. 2022.

Those collecting SSI will see the increase Dec. 30, 2021.

The schedule of payments depends on the day of the month your birthday falls on.

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