Look for Big Cost-of-Living Jump in Your Social Security Benefits for 2022

The official numbers aren’t out yet but you can look for a big cost-of-living hike in your Social Security benefits for 2022.

The increase is designed to help your benefits keep up with inflation.

Word on the street says your monthly benefits will jump by 6.2% or perhaps even more starting next January. That would be the biggest increase since 1982, when benefits jumped 7.4%.

How much extra does that mean in your wallet? Reporter Daisy Maxey of Barron’s says that equates to $96.40 more each month for someone receiving the average Social Security benefit of about $1,555 per month.

The Social Security Administration won’t release the final numbers until later this fall, but the expected boost will help Social Security recipients across the country keep up with recent inflation. Last year, the Cost of Living Adjustment was a stingy 1.3%.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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