3 Social Security Changes Arriving in 2022
Social Security has been around for decades. And yet the program still undergoes its share of changes. Here are some big ones that workers and seniors alike can expect this year.
As of the end of 2021, the average monthly Social Security benefit sat at $1,565. In 2022, it will rise to $1,657. We can thank the largest cost-of-living adjustment (COLA) in decades for that.
You may have noticed that inflation was rampant during the second part of 2021. The rising cost of consumer goods might have hit a lot of people hard, but it also made it so that Social Security recipients are getting an impressive 5.9% raise in 2022. As a result, the average monthly benefit will increase by $92.
Source Fool.com