credit getimage
Anyone who turns 62 or older in 2022, as well as is eligible for Social Security, will be eligible to benefit from COLA, even if they haven't filed for benefits yet.
credit getimage
credit getimage
By law, the SS COLA is calculated based on the annual change in the CPI-W.
credit getimage
credit getimage
Yes, the impact of COLA can be obvious to people who are already receiving Social Security because most retirees see a jump in their income in January when their checks go up. Even if Medicare premiums can offset only a portion of it.
credit getimage
credit getimage
When the COLA was not in effect the average was $1565, but after COLA came into force, seniors would receive $100 more per month and $1,200 a year. Also, the average payout for retired couples would be $2753.
credit getimage
Next steps