This year, the average month to month Social Security benefit check came out to about $1,565. After a 5.9% cost-of-living change that’s scheduled to take place in 2022, the average benefit check will rise to about $1,657 as reported by the SSA. The average couple might see around $3,000 a month next year.
The increase of about $100 has come after a year of out-of-control inflation. Over the last year, prices have risen 6% in almost all large sectors, and especially the ones that are most important for senior citizens, in all major grocery store categories. Increases in the COLA benefit in the last couple of years have stayed around 1-1.3%. This year’s change is one of the biggest COLA increases in decades.
Forbes has predicted that the raise in benefits will help nearly 62 million American seniors who receive a Social Security check in Jan. 2022. Americans who get Supplemental Security Income checks will be able to see their raise a little sooner, starting on December 30. The SSA has estimated that the payment increase to SSI beneficiaries will rise to approximately 8 million individuals by next year.
For those people who receive Social Security income, this number is expected to rise to $821 next year, up from $794 each month this year. The $47 raise will especially help the nearly 3 million seniors who get both SSI and Social Security benefits together.
If you get both regular Social Security and SSI payments next year, this might mean that you could receive about $2,500 each month. If you want to see a more personalized estimate of the amount you will be getting after the COLA changes, head over to ssa.gov website to use the SSA’s Social Security calculator. While you’re there, you’ll be able to put your personal information in to get a more accurate calculation as to how the COLA change might affect you in particular.
If you’re scheduled to receive these benefits next year, the SSA will send you a notification of this via online and mail starting in December.
Author: Steven Sinclaire