5.9% increase aims to address rising inflation.
The Social Security Administration announced on Wednesday that it would be increasing its cost of living adjustment (COLA) by 5.9% in 2022. Next year’s adjustment is the largest increase in 39 years, due to rising costs brought about by the pandemic, supply-chain issues, and federal spending. Over the last ten years, the COLA increased 1.65% each year on average.
With the increased payment, those receiving Social Security payments are expected to receive an additional $92 per month on average. The average amount for a retired worker is anticipated to be $1,657 per month, and couples on average will receive $2,753 per month. 1 in 5 American households will be impacted by the COLA, including disabled veterans, federal retirees, and Social Security recipients.
As the Lord Leads, Pray with Us…
- For officials in the Social Security Administration to manage taxpayer funds well.
- For the president and his advisors as they consider ways to address inflation.
- That the cost of living adjustment would help ease the burden for those who receive Social Security payouts.
Sources: AP, Fox News, CNN
