Social Security COLA rises for 2022

Those receiving Social Security benefits will see a 5.9% increase in benefits. The 2022 COLA – cost-of-living adjustment – will add about $92 a month to the average retirement benefit. This is the largest increase in decades.

The annual Social Security COLA is adjusted each year for
inflation. The 2021 increase was just 1.3 percent.

Medicare Part B premiums will likely reduce the increase most will see from the COLA, as they are typically deducted directly from Social Security payments. The monthly premiums have not been announced for 2022 yet.

According to AARP, Social Security is the largest source of retirement
income for most Americans.

The Oregonian:
Social Security benefits rise, but here’s what else changes for high earners, low earners in 2022 – oregonlive.com

AARP.org:
Social Security COLA Set at 5.9 Percent for 2022 (aarp.org)

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