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The Social Security Boost for Cost of Living Begins

In 2022, Social Security recipients will enjoy the greatest cost-of-living increase in 40 years, which will be a welcome relief for those who rely on fixed benefits and are feeling the pinch following months of rising inflation in 2021. Because cost-of-living adjustments are determined in accordance with the Department of Labor’s Consumer Price Index, the 5.9% increase is larger than it has been in previous years.

This is the highest COLA increase since 1982, when recipients earned a 7.4% cost-of-living increase. The Social Security Administration reported in October that the average retiree will enjoy a $92 monthly boost in their payment, bringing the average check amount to $1,657. The average couple’s benefits would increase by $154 to $2,754.

Those born between the first and tenth of the month should expect to get their payouts on the second Wednesday of the month. Beneficiaries born on the 11th through the 20th of the month will receive their checks or deposits on the third Wednesday of the month, while those born on the 21st through the 31st of the month will receive their checks or deposits on the fourth Wednesday of the month.

While the boost in Social Security payments will undoubtedly benefit many recipients, it may not be enough to offset the true costs that seniors face as inflation continues to grow for everything from consumer items to fuel to housing. Medicare’s Part B monthly premium is projected to jump 14.5 percent, or $21.60, in the new year, putting seniors at risk. According to AARP, this is the “biggest monetary increase in the history of the health insurance programme.”

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