September inflation report sets Social Security COLA at 5.9% for 2022 payments
Another article from November 2017: Does The Social Security COLA Shortchange Seniors?
The Social Security cost-of-living adjustment is based on an unusual inflation index – CPI-W – and is determined by averaging the indexes for July, August and September and comparing that number with the same average for the year before.
With the release of the September inflation report on Oct. 13, we now know that the Social Security COLA will be 5.9% for payments in 2022. The Social Security Administration says the average monthly benefit for U.S. retirees is $1.543, so a 5.9% increase will raise that monthly benefit to $1,634.
If you are in the Social Security “limbo” period — older than 62 but not yet taking benefits — your future benefits would also climb by this percentage.
Click on the image to see a larger version of this chart.
