Stock Groups

Social Security cost-of-living adjustment will be 5.9% in 2022

[ad_1]

Social Security Administration announces that in 2022 the Social Security cost of living adjustment will reach 5.9%.

Social Security beneficiaries will see the greatest increase in checks of 5.9% over 40 years thanks to this COLA.

The Social Security COLA in 2021 was 1.3%.

Find out more from personal finance:
If you’re part of the ‘Great Resignation,’ here are some 401(k) tips
How much do I need to retire? Top financial advisors weigh in
Single people are worse off financially, study shows

Social security beneficiaries will begin to see increases in their monthly checks in January. An increase in the average monthly benefit of all retirees will result in $1,657; an increase from $1.565.

Social Security benefits are adjusted each year using specific Consumer Price Index data. This is the Consumer Price Index For Urban Wage Earners and Clerical Workers or CPIW.

New data from the Consumer Price Index on Wednesday revealed that September consumer prices were at their lowest point. rose slightly moreMore than you expected.

This is an urgent news story. Stay tuned for new updates.

[ad_2]