![]() ![]() Bureau of Labor Statistics releases the September Consumer Price Index.Īny increase due to COLA will show up in checks and direct deposit benefits paid in January. ![]() The percentage is determined after the U.S. We won't know the official cost of living adjustment for 2022 until the Social Security Administration makes that announcement in October. Some retirees could be looking at an extra $100 a month, based on an average Social Security retirement monthly payment of $1,655.71 in July. The cost of living adjustment, known as COLA, was a mere 1.3% in 2021 - raising the average benefit by about $21 for monthly payments and making it one of the lowest increases on record since 1975 when Social Security started automatic annual cost-of-living allowances. Social Security retirement benefits are turning into one hot topic as we're hearing more buzz about a future hefty cost of living adjustment next year. Why not rush to claim at age 62 or 63 now if you're going to get extra dough? Well, experts warn that you might want to rethink that one. Predictions that Social Security retirement benefits could be heading for a 6.2% hike in 2022, thanks to a bump in inflation, could lead some baby boomers to figure they've got one less reason to wait to claim benefits.Īfter all, those claiming retirement benefits are going to get more money next year. ![]()
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