Did you know that social security offers cost of living adjustments (COLA) to keep up with inflation? Since 1975, the Social Security Administration has done their best to make sure that those who receive social security/SSI benefits are given enough to live comfortably. In 2022, recipients got a COLA of 5.9%, which is the largest increase in decades.
Why Would Payments Increase?
It’s no secret that inflation has been rising and things cost more than they used to even a few years ago. As we said above, the Social Security Administration wants to make sure that recipients can actually live on the payments they receive. With inflation creeping higher and higher, recipients need more money to keep up with their expenses.
How Much Could Payments Be?
Increases are usually announced in October, so everything now is an estimate. According to Forbes, payments could increase by 8%, but MLive thinks that number may be closer to 5.9%. If Forbes is correct, this could mean an extra $1,675 per month for recipients.
Additional Resources
- Social Security hotline: 1-800-772-1213 (M-F 8:00am-7:00pm)
- TTY: 1-800-325-0778
- Washtenaw County Social Security Offices
- National Social Security Website
- Benefits.gov
- Benefitscheckup.org
- Click here for our blog post on Social Security help
