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Data source: Social Security Administration. Table by author. You might have noticed the amount of the COLA was 0% in three years: 2009, 2010, and 2015.
Social Security recipients will be getting their biggest payment increase in 40 years in 2022 thanks to a 5.9% cost-of-living adjustment, pushing the average monthly benefit up to $1,657 for ...
In fact, Social Security beneficiaries received an 8.7% raise for 2022 after inflation spiked higher. Last year, the cost-of-living adjustment, or COLA, was significantly lower, at just 3.2%.
The average 2.6% COLA would amount to a raise of just under $50 per month. While that can be helpful, it likely isn't enough to combat soaring inflation. Benefits are losing buying power
As a result of the 2008 financial and mortgage crisis, a hefty 5.8% increase in COLA was applied in 2009, the most significant increase that Social Security benefits had seen since 1982.
Besides the increase in benefits, the government agency also announced that it was raising the level of wages subject to Social Security taxes, known as the taxable minimum. ... 2018. 2.0%. 2022 ...
In 2021, the average monthly Social Security benefit came out to $1,565. After a 5.9% cost-of-living adjustment scheduled to go into effect next year, the average benefit will rise to about $1,657...
Benefits have increased by 2.5% as of January, according to the Social Security Administration (SSA), which bumps up retirement benefits by an average of roughly $50 each month. Don't miss