Investing & Retirement

Social Security Cost-of-Living Adjustment for 2022 Is 5.9%


The Social Security Administration (SSA) just announced a major year-over-year rise in monthly benefits for Social Security and Supplemental Security Income (SSI) recipients.

The October 13 announcement of the 5.9% hike in benefits is the largest cost-of-living raise in nearly 40 years.

Here’s Your Social Security Cost-of-Living Raise for 2022

The SSA says the 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2022. Increased payments to SSI beneficiaries will start at the end of December 2021.

The average monthly Social Security check in June 2021 was $1,555 for retirees, according to the SSA. That means the 5.9% increase next year will translate to approximately an extra $92 in an average check each month. You can view your COLA notice online through your my Social Security” account.

COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a broad measure of the price of food, energy, health care, housing, transportation and more.

In years when there is no inflation, there is no increase in benefits. However, benefits are never reduced if there’s no inflation.

Historical Cost-of-Living Adjustments From the Social Security Administration

YearAdjustment Percentage

You can see the full history of cost-of-living adjustments here.

If you have questions about Social Security or retirement, contact Clark’s free Consumer Action Center at

More Social Security and Retirement Resources From

Subscribe to the newsletter
You'll receive the best money tips in your inbox every day.

This post was last modified on October 13, 2021 9:59 am

Recent Posts

12 Items That Can’t Be Returned to Amazon

When it comes to convenience for online shopping, it’s hard to beat Amazon, a retailer…

8 hours ago

How To Use InsureMyTrip To Buy Travel Insurance

An important question that we get frequently deals with travel insurance (also known as trip…

8 hours ago

10 Things on Deep Discount in December

We've finally made it to both the last month of the year and the high…

1 day ago

Watch Out for Medicare Scams Right Now

With this time of year being open enrollment for Medicare, it's a good time to…

1 day ago

Best Black Friday and Cyber Monday Deals You Can Still Get Now

The holiday shopping season is in full swing as we head into the final month…

2 days ago

3 Free Tools To Find Secret Codes and Discounts While Shopping Online

Can you really shop and save at the same time? It's not only possible, it…

2 days ago