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HUGE SOCIAL SECURITY BENEFIT INCREASE FOR 2022

 

In October (2022) the US Social Security Administration (SSA) is expected to announce a large Cost of Living Adjustment (COLA) for persons receiving Social Security checks.

While the formal announcement won't be made until October, we are estimating a benefit increase of around 8 percent.  This will be one of the largest increases in the last 30 years.

Social Security uses the Consumer Price Index to measure inflation and adjust benefit amounts for the coming year.  In 2022, the Consumer Price Index has inflation running at around 8 percent.

 Thus, an individual who receives $1,500 a month in 2022 may see a check of about $1,625 in 2023.

You won't need to do anything to receive this increase.  Everyone receiving Social Security benefits will get the increase starting in January, 2023.

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The Forsythe Firm:  Social Security Disability Advocates, Huntsville, AL.  Ph (256) 799-0297.  Call us if you need help getting approved for Social Security disability.  Free consultations (for Social Security claims only).

 

 

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