How Much Will Your Social Security Benefit Rise in 2022?
Social Security tends to undergo changes from year to year. One big change seniors can expect in 2022 is a boost to their monthly benefits.
Social Security cost-of-living adjustments, or COLAs, are based on third quarter data from the Consumer Price Index. This past quarter, inflation was rampant, and so as a result, seniors are getting a 5.9% COLA going into 2022. That's the largest raise that's been given to them in decades.
The Social Security Administration estimates that once next year's COLA takes effect, the average monthly benefit will rise from $1,565 to $1,657. For the typical senior, that's a $92 boost.
Source Fool.com
