![]() ![]() Read more: Why Is Inflation Rising Right Now? July 2021, for instance, saw prices 5.4% higher than they were in July 2020. 2021’s 1.3% COLA increase has trailed the massive year-over-year inflation that’s developed over the past few months. faces high inflation while the economy manages its recovery from the Covid-19 recession. However, this increase can’t come soon enough for Social Security and SSI recipients whose dollar doesn’t go as far as it used to. ![]() A 5.9% increase would raise that monthly payment to about $1,647, a $92 bump. The average Social Security check in June 2021, the latest data available, was $1,555. The Social Security COLA for 2022 is 5.9%, the highest increase in almost four decades. How Much Is A Social Security Payment in 2022? While this is the biggest increase in years, retirees and people who receive disability payments typically get an automatic annual cost-of-living adjustment (COLA) to preserve their purchasing power and keep up with rising prices, better known as inflation. According to Moody’s Analytics chief economist Mark Zandi, households earning a median income of $70,000 pay around $175 extra every month. This is welcome news for Social Security and SSI recipients who have been financially battered by the pandemic and are now forced to deal with the rising costs of everything from gas to food. ![]() Social Security and Supplemental Security Income (SSI) is increasing benefits by 5.9%, the largest increase in 40 years. If you rely on Social Security payments, you’re receiving a much-needed raise. ![]()
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