Advertiser Disclosure

Social Security 2022: How the COLA Will Increase Benefits for the Average Senior Couple

January 28, 2022

3 min Read

Written by Georgina Tzanetos

Edited by Cory Dudak

Modern senior couple in casual clothing stock photo

g-stockstudio / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

In 2021, the average monthly Social Security benefit came out to $1,565. After a 5.9% cost-of-living adjustment scheduled to go into effect this year, the average benefit will rise to about $1,657 according to the Social Security Administration. This means that the average couple could see roughly $3,000 a month.

The roughly $100 increase comes after a year of unprecedented inflation. Over the past 12 months, prices have increased 6% in nearly all major sectors, and especially important for seniors, in every major grocery store category. COLA increases in the past couple of years have been around 1%-1.3%. This year’s adjustment is one of the highest COLA jumps in decades.

Forbes estimates that the increase in benefits will benefit nearly 62 million Americans who receive Social Security benefits in January 2022. Americans who receive Supplemental Security Income benefits will actually be able to see their increases a little sooner, began on Dec. 30. The SSA estimates that increased payments to SSI beneficiaries will reach approximately 8 million people next year.

For those who receive SSI, this amount is expected to increase to $821 in 2022, up from $794 per month in 2021, according to Forbes. The $47 increase will especially benefit the nearly 3 million Americans who receive both Social Security and SSI benefits together.

If you receive both SSI and regular Social Security payments in 2022, this could mean nearly $2,500 per month. In order to see a personalized estimate of how much you will be receiving after the COLA adjustment, head over to mySocialSecurity to use the SSA Social Security calculator. There, you will be able to input your personal information to receive a more accurate estimate as to how the COLA adjustment will affect you specifically.

Today's Top Offers

If you are scheduled to be a recipient of benefits in 2022, the SSA will notify you via mail and online (through online mySocialSecurity accounts) beginning last December.

All above figures are representative of retirees who have reached full retirement age (FRA). It is possible your payment could be lower if you begin distributions before your own FRA.

30 Greatest Threats to Your Retirement

More From GOBankingRates