The Social Security Administration has announced a 5.9% cost-of-living adjustment for 2022 – the largest increase since 1983.
This cost-of-living adjustment, or COLA, is an increase in Social Security benefits helps offset rising prices that could erode purchasing power caused by inflation.
COLA’s are not guaranteed each year, but are announced each October and reflect an annual increase based on the CPI.
The CPI is compared with the same quarter of the previous year. For example, the CPI for Q3 2021 is compared with Q3 2020.
Benefits begin in January 2022.
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