Social Security Benefits To Increase Amid Inflation Rise

Time and time again, especially lately, it seems that the only news we hear or see is bad news. Finally, some good news to report!

Older Americans that are barely scraping by with their Social Security checks during this current spike in inflation will be happy to learn that they will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982.

According to a media statement from the Social Security Administration, the 5.9% Social Security cost of living adjustment(COLA) will begin in January 2022 with benefits payable to more than 64 million beneficiaries. Increased payments to approximately 8 million Supplemental Security Income beneficiaries will begin on December 30, 2021.

The Social Security Act determines the annual COLA to the increase in the consumer price index, as determined by the Labor Department's Bureau of Labor Statistics. By law, it is the official measure used by the Social Security Administration to calculate COLAs.

Medicare Part B premiums which are typically deducted from Social Security checks are also supposed to see a dramatic increase next year. The biggest source of income for most retired Americans is Social Security. And for 1 out of 4 seniors it provides nearly all income.

Beneficiaries of Social Security and SSI should receive a notification by mail in December with their new benefit amount. When new information regarding adjusted Medicare benefits is announced, you can go to their website to find out more.

For more information on the new Social Security and SSI benefits, visit the SSA's website here.

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Read on to learn the average life expectancy in each state.

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