Hooray! Social Security checks will be on the rise for 2022.
On October 13th the U.S. Social Security Administration announced that there will be a 5.9% increase for cost-of-living in the coming year.
This is the largest cost-of-living adjustment (COLA) in 40 years, due to inflation. The Social Security adjustment will take effect in January of 2022.
Based on the average monthly Social Security check in June of 2021 (about $1,555) this increase will mean there will be an approximate increase of $92 a month in your direct deposit.
Social Security and SSI beneficiaries will receive notice of the increase by mail in December of 2021. You can also view your individual COLA increase online through your “My Social Security” account to see how it effects your check.
COLA is calculated by the average growth in cost of living and is then adjusted for inflation. Your benefits are not changed if inflation does not rise, which has not been the case since the pandemic began.