Social Security recipients are set to see the highest cost-of-living increase in 40 years in 2022.
The 5.9% increase is higher than has been seen in several years, as cost-of-living adjustments are made in line with the Department of Labor's Consumer Price Index. This is the largest COLA rise since 1982, when recipients received a 7.4% cost-of-living adjustment.
In announcing the COLA in October, the Social Security Administration said the average retiree will see a monthly increase in their payment of $92, bringing the average check amount to $1,657. The typical couple would see their benefits jump $154 to $2,754.showing when the roughly 70 million beneficiaries can expect to receive their payments starting in January.
Beneficiaries with birthdays on the 11th through 20th will receive payments on the third Wednesday of the month, and those with birth dates on the 21st through the 31st will get their checks or deposits on the fourth Wednesday of the month. While the social security payment amount increase will no doubt provide relief to many recipients, it might not cover the rising costs seniors truly face as inflation continues to rise for everything from consumer goods to gasoline to housing.
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