After years of tiny increases in their Social Security checks, older Americans will likely get a nice raise next year. The Kiplinger Letter is forecasting that the annual cost-of-living adjustment (COLA) for 2022 will be 5.9% — the biggest jump since 1982. The COLA for 2021 was only 1.3%.

The estimated average monthly Social Security benefit payable in January 2022 will increase from $1,565 in 2021 to $1,657. The average monthly benefit for a couple who are both receiving benefits will rise $154, from $2,599 to $2,753. And the maximum Social Security benefit for a worker retiring at full retirement age will increase from $3,148 per month to $3,345, an additional $197. Military retirees will also see their monthly retirement check increase, with the average monthly check going up approximately $160.

Click link below to view 2020 COLA fact sheet.
https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf

At Jan Dils, Attorneys at Law, we strive to keep you up to date on the latest developments. If you need assistance with obtaining Social Security or Veterans disability benefits, don’t hesitate to contact us at 877.526.3457 or online at JanDils.com. Your first call is always free.

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Source: https://www.kiplinger.com/article/retirement/t051-c000-s010-what-is-the-social-security-cola.html