Social security gets one big change this year – in fact the largest in almost four decades.
A year of runaway inflation and rising prices in almost every major category – and specifically those affecting seniors – has forced the Social Security Administration to increase the cost of living adjustment to 5.9% for 2022 payments.
The COLA increase in 2022 is one of the largest in history. To put this in perspective, COLAs have been around 1.5% in previous years.
Inflation is currently at just over 6% over the past 12 months, which means that for next year, COLA, although historically significant, is barely enough to obliterate the effects of violent inflation.
According to SSA is Estimated average monthly benefits for all retired workers will be $ 1,657 from January 2022. Before the COLA takes effect, the average $ 1,565, meaning seniors will receive about $ 100 more each month and $ 1,200 during the year as part of the COLA increase.
For retired couples who both receive benefits, the average payment will be $ 2,753. A widowed mother with two children will receive an average payment of $ 3,187, and a widow or widower alone will receive $ 1,553.
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Disabled workers and spouses with one or more children will receive an average benefit of $ 2,383, while all disabled workers will receive an average of $ 1,358.
These estimates from SSA are based on the average payment. Your specific payment may be more or less dependent on a number of factors, such as how many years you worked, your earnings and whether you were married and had dependents. To see a more accurate estimate of your personal benefits, log in to SSA’s website to create a mySocialSecurity account where you can see your personal estimates and statements. The estimates include the amount yYou are intended to receive at retirement based on age 62, 65 and 70 years.
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This article was originally published on GOBankingRates.com: This is the average social security benefit for 2022 with added COLA