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Social Security Administration Announces 5.9% Benefits Increase for 2022 Amid Rising Inflation

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On Wednesday the Social Security Administration announced some 70 million beneficiaries will be receiving a 5.9% increase in benefit checks beginning late December and January. The move is the “biggest cost-of-living adjustment (COLA) in 39 years” following “a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic” reports the Associated Press.

Estimates released Wednesday suggest a roughly $92 per month increase for the average retired worker. “That marks an abrupt break from the long lull in inflation that saw cost-of-living adjustments averaging just 1.65% a year over the past 10 years,” writes the AP.

With the changes, an average Social Security payment could be around $1,657 per month, and a couple’s benefits could rise to $2,753 per month. The AP reports “the COLA affects household budgets for about 1 in 5 Americans. That includes Social Security recipients, disabled veterans and federal retirees, nearly 70 million people in all. For baby boomers who embarked on retirement within the past 15 years, it will be the biggest increase they’ve seen.”

However, the Washington Post reports that experts say millions of beneficiaries will see “much less” than a 6 percent increase due to Medicare Part B premiums, which are deducted from beneficiaries checks and tied to seniors’ income.

Roughly 64 million of those affected are Social Security beneficiaries, while 8 million are Supplemental Security Income beneficiaries and “some Americans receive both.” The increase is the “biggest since 1982 as the Social Security benefit increase has averaged about 1.7 percent over the last 10 years” writes National Review.

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4 Comments

4 Comments

  1. Bob wigley

    October 13, 2021 at 2:20 pm

    Medicare will jump up 7%
    We will get lost no doubt in my mind

  2. Cam Meder

    October 14, 2021 at 12:20 pm

    Please explain to me why the few and far between raises SS gets, medicare premiums are ALWAYS increased? I am on SSID, why does mine go up every time as well?

  3. Bly Haugen

    October 15, 2021 at 10:43 am

    When M. D. is 7% don’t you think inflation is a lot higher?

  4. Slideglide

    October 15, 2021 at 11:37 am

    🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸♥️♥️♥️🌎🌎🌎🌎🍓🍓🍓🤪🤪🤪

    The Democrat Party, including the MSM have embraced Marxist ideology in order establish a permanent, central planning, government.

    A huge part of Marxism is to control the narrative through propaganda, and their messages are used to bride potential voters with payouts and deceptive benefit packages.

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