Ask Larry

Can You Tell Me What My Raise Will Be For 2022?

My name is Bessie I receive $949 benefits each month for social security can you tell me what my raise will be for 2022 next year

Hi Bessie. The Social Security cost of living (COLA) increase for 2022 is 5.9%, so that should raise your monthly benefit rate by roughly $56 (i.e. $949 x 1.059). However, the increase in your actual payment amount could differ depending on what if anything you have deducted from your benefit payments, such as Medicare premiums. Social Security should send you a notice in the near future that will tell you your new benefit rate.

Best, Jerry

Dec 12 2021 - 5:33pm
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