Social Security’s COLA increase is ready to go into effect in just over two weeks, and millions of married couples are waiting for their benefits to increase.
Couples will see around $154 more per month when 2022 begins.
Single claimants will see an average increase of $92 per month.
Their checks will rise from around $1,565 to $1,657.
How much you bring in each month depends on what you made while working and what age you began to claim benefits.
Beneficiaries getting Social Security will see their first payment increase in January, while those collecting SSI will see their increase on Dec. 30, 2021.
70 million beneficiaries will be impacted by the increase.
A letter will go out to recipients in Dec. that details their specific changes for 2022.
If you want to see the details but haven’t received your letter, you can check through your online Social Security account.
How does COLA work?
COLA, short for cost-of-living-adjustment, works to help seniors and disabled Americans keep up with inflation on a fixed income.
The price is determined by using data from the Consumer Price Index for Urban Wage Earners and Clerical Workers.
COLA increase is determined by looking at the increase of inflation from July, Aug., and Sept.
If there is no increase, the COLA won’t increase.
This year the increase was so high it was increased 5.9%, the highest since 1982 when it was increased 7.4%.
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