2022 Social Security Cost of Living Increase Announced

In 2022, Social Security beneficiaries will receive a 5.9% increase in their benefits. The 2022 Social Security cost of living increase was announced on Oct. 13. This is the largest single-year bump since 1982.

What Is the Social Security Cost of Living Adjustment?

Every year, the federal government calculates a benefits increase based on inflation. This is the cost of living adjustment (COLA).

The raise for 2022 comes in response to rising prices for energy, vehicles, appliances, and other goods and services. In the last two years, Social Security beneficiaries received 1.3% and 1.6% increases in their benefits.

Help With Social Security & Medicare Questions

If you have any questions about this increase or how it could impact your health coverage, our advisors are here to help. Current RetireMEDiQ clients can call 1-877-222-1942 to speak with their advisors. If you’re new to RetireMEDiQ, call 1-866-407-5180 to get started.

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