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Social Security recipients will be getting their biggest payment increase in 40 years in 2022 thanks to a
5.9% cost-of-living adjustment, pushing the average monthly benefit up to $1,657 for retired workers.
The COLA is just one of numerous changes to Social Security in 2022. Other changes include increases
in Supplemental Security Income payments, Social Security Disability Income payments and Medicare
Part B premiums. All of the increases are in response to growing inflation that grew at 6% or more for
much of 2021. It is an alarming statistic to say the least. The COLA increase gets the most attention not
only because it is the biggest hike since 1982, but also because it still might not be enough to offset
rising prices on everything from gas and groceries to health care and medicine. This means the ongoing
cost issues with Social Security aren’t just going to go away with a simple increase.
A lot depends on how effectively the Federal Reserve can tame inflation with expected interest rate hikes
in 2022. Nobody can predict that impact with certainty, but you can plan your budget based on your
expected increase in Social Security income.
Here is how Social Security payments will differ in 2022 for various Social Security recipients, according
to the AARP:
Couples that both receive benefits: Average monthly payment will rise to $2,753 from $2,599
before the COLA
Widowed parent with two children: Average monthly payment will rise to $3,187 from $3,009
Widow(er) living alone: Average monthly payment will rise to $1,553 from $1,467
All disabled workers: Average monthly payment will rise to $1,358 from $1,282
Disabled worker with a spouse and one or more children: Average monthly payment will rise to
$2,383 from $2,250