They have come out on what the average person should make on the new COLA for next year. I don't think it takes in the rise in Medicare. But this should give most on Social Security an idea of what to look for in January. Social Security 2022: How the COLA Will Increase Benefits for the Average Senior Couple In 2021, the average monthly Social Security benefit came out to $1,565. After a 5.9% cost-of-living adjustment scheduled to go into effect next year, the average benefit will rise to about $1,657 according to the Social Security Administration. This means that the average couple could see roughly $3,000 a month. Social Security Poll: What Matters Most to You? Analysis: Why CPI-E Is ‘Better Index for Measuring Inflation’ In Terms of COLA for Seniors The roughly $100 increase comes after a year of unprecedented inflation. Over the past 12 months, prices have increased 6% in nearly all major sectors, and especially important for seniors, in every major grocery store category. COLA increases in the past couple of years have been around 1-1.3%. This year’s adjustment is one of the highest COLA jumps in decades. Forbes estimates that the increase in benefits will benefit nearly 62 million Americans who receive Social Security benefits in January 2022. Americans who receive Supplemental Security Income benefits will actually be able to see their increases a little sooner, beginning on Dec. 30. The SSA estimates that increased payments to SSI beneficiaries will reach approximately 8 million people next year. Senior Stimulus: How an Additional $1,400 Check Could Help Social Security Recipients Afford Rising Grocery Costs For those who receive SSI, this amount is expected to increase to $821 in 2022, up from $794 per month in 2021, according to Forbes. The $47 increase will especially benefit the nearly 3 million Americans who receive both Social Security and SSI benefits together. (Read More) Social Security 2022: How the COLA Will Increase Benefits for the Average Senior Couple (yahoo.com)
