14 Oct Social Security Updates for 2022
The Social Security Administration (SSA) announced Wednesday, Oct 13, the biggest increase in benefits since 1982.
Social security recipients will receive a 5.9% increase in COLA (cost of living adjustment). This is much needed due to the increase we’ve seen in cost of rent, gas, electricity, food, and other goods due to inflation.
In 2021, the average retired worker in the U.S. earned $1,565 each month in benefits. After the 5.9% adjustment, the average retired worker will earn $1,657 a month.
The average couple receiving benefits in 2021 was $2,599 per month. After the 5.9% increase in 2022, the average couple will receive $2,753 each month.
The average disabled worker with a spouse and one or more children received $2,250 before the increase. After the 5.9% increase, they will receive $2,383.
With the cost of everything on the rise, many retirees feel this increase is not enough to cover expenses. However, every little bit helps.
According to the SSA, SSI recipients will receive their first increase December 30, 2021. Regular Social Security recipients will receive their first check in January 2022.