COLA 2022: Social Security Benefits Will Increase By 5.9% Next Year


RSocial Security recipients in the United States will see a rise cost of living adjustment (LINE) in 2022

The increase is due to the fact that the US is seeing a rise in commodity prices across the country, as well as fuel and automobiles.

Significant increase in COLA for 2022

As the Social Security Administration confirmed on Wednesday, the cost of living adjustment for 2022 is 5.9 percent., a huge increase compared to the 1.3 percent adjustment in 2021. Moreover, it will also largest growth in the US since 1982 – 40 years ago.

This is due to a marked increase in COVID-19-related inflation after several years of modest consumer price increases.

So, given that the average retiree received a monthly check for $ 1,565 in 2021, growth next year means they’ll have an extra $ 92 a month. available in 2022, increase in payment to $ 1,657

Why will COLA grow in 2022?

One of the most important factors is the dynamics of the economy in the next few months, although LINE usually announced in October – and a lot depends on interest rates and whether they will be raised The federal reserve

It has already been confirmed that LINE will increase, although the exact percentage has not yet been announced.

“While no one knows the exact percentage of COLA increases that retirees will see in January, we know it will increase,” the report said. Senior Citizens LeagueWeb site.

Senior Citizens League wants fourth test of incentives

According to Senior Citizens LeagueInflation was higher than expected in May and is expected to happen again in October.

With this in mind, they are working on Capitol hill in hopes of approving the fourth test of incentives. The White house, nevertheless, almost ruled out such a possibility.

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