In 2021, the average monthly Social Security benefit came in at $1,565. After a 5.9% cost-of-living adjustment scheduled to take effect next year, the average benefit will increase to about $1,657, according to the Social Security Administration. This means that the average couple could see about $3,000 per month.
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The increase of about $100 comes after a year of unprecedented inflation. In the past 12 months, prices in almost all major sectors, and especially important for seniors, have increased by 6% in every major supermarket category. The COLA increases in recent years have been about 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 receiving Social Security benefits by January 2022. Americans who receive supplemental benefits will actually be able to see their increases a little earlier, starting Dec. 30. The SSA estimates that the increased payments to SSI beneficiaries will reach about 8 million people next year.
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For those who receive SSI, this amount is expected to increase to $821 in 2022, according to Forbes, from $794 a month in 2021. The $47 increase will primarily benefit the nearly 3 million Americans who receive both Social Security and Social Security benefits. Receive SSI benefits.
If you receive both SSI and regular Social Security benefits in 2022, that could mean close to $2,500 per month. To see a personal estimate of how much you will receive after the COLA adjustment, visit mySocialSecurity to use the SSA Social Security Calculator. There you can enter your personal information to get a more accurate estimate of the specific impact the COLA adjustment will have on you.
If you receive benefits in 2022, the SSA will notify you by post and online (via online mySocialSecurity accounts) beginning in December.
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All the above figures are representative of retirees who have reached full retirement age (FRA). Your payment may be lower if you start taking distributions before your own FRA.
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This article originally appeared on GOBankingRates.com: Social Security 2022: How the COLA Will Increase Benefits for the Average Senior Couple