SSA Announces Major Increase in Social Security Benefits in 2022
The Social Security Administration (SSA) announced this week that Social Security payments to retired and disabled beneficiaries will increase by 5.9% starting in January of 2022.
There are roughly 70 million Americans receiving benefits from SSA (retirement and disability). Every year, the benefit amount is adjusted to allow for inflation. Because inflation has been relatively low for the past decade, the average increase since 2012 has been just 1.4% per year.
This past year, inflation has accelerated mainly due to the COVID pandemic and associated price increases in everything from groceries to gasoline. People on fixed incomes have suffered a decrease in their real buying power as a result. This Social Security increase in retirement and disability benefits will help them keep pace.
“How Much More Will I Get in Social Security Benefits in 2022?”
The average recipient of Social Security Disability benefits receives around $1,200/month, so this 5.9% increase will translate to an extra $70/month, which is significant for people on fixed incomes.
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