How COLA will increase the benefits for the average senior couple
How COLA will increase the benefits for the average senior couple

How COLA will increase the benefits for the average senior couple

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In 2021, the average monthly social security benefit came out to $ 1,565. After one 5.9% adjustment of cost of living scheduled to take effect next year, the average benefit will rise to about $ 1,657, according to the Social Security Administration. That means the average couple could see around $ 3,000 a month.

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The increase of about $ 100 comes after one years of unprecedented inflation. Over the past 12 months, prices have risen 6% in almost all major sectors, and especially important for seniors, in all major grocery store categories. COLA increases over the past few 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 by January 2022. Americans who receive Supplemental Security Income benefits will actually be able to see their increases a little earlier, beginning on December 30th. SSA estimates that increased payments to SSI recipients will reach approximately 8 million people next year.

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For those receiving SSI, this amount is expected to increase to $ 821 by 2022, up from $ 794 per year. month in 2021, according to Forbes. The $ 47 increase will particularly benefit the nearly 3 million Americans who receive both Social Security and SSI benefits together.

If you receive both SSI and regular Social Security payments by 2022, that could mean nearly $ 2,500 a month. To see a personal estimate of how much you will receive after the COLA adjustment, go to mySocialSecurity to use the SSA Social Security Calculator. There you will be able to enter your personal information to receive a more accurate estimate of how the COLA adjustment will affect you specifically.

If you are scheduled to be a recipient of benefits in 2022, SSA will inform you by mail and online (via online mySocialSecurity accounts) starting in December.

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All of the above figures are representative of pensioners who have reached full retirement age (FROM). It is possible that your payment may be lower if you start distributions before your own OFF.

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This article was originally published on GOBankingRates.com: Social Security 2022: How COLA Will Increase Benefits for the Average Senior Couple

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