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Sizable boost in Social Security COLA for 2022

On Behalf of | Oct 29, 2021 | Social Security Disability

Social Security payments are a crucial lifeline to those who collect them. These benefits help recipients who are over 65 or disabled and cannot work to pay for things like rent, medical care and all their living expenses.

Thankfully, these checks will be a little bigger in the future.

Largest COLA increase in 39 years

Every year, Social Security checks include a cost-of-living adjustment (COLA). Ideally, this increase aligns with inflation, but that has not necessarily been the case for the last few decades.

On average, COLA has worked out to about 1.65 percent in previous years. That often falls short of the inflation rate, which comes in at an average of over 2 percent for the last 30 years.

When the COLA increases do not cover the rate of inflation, Social Security recipients have less buying power and struggle even more to support themselves.

With this in mind, the recently announced 5.9 percent COLA increase should come as welcome news to anyone who depends on this program for support. For the average recipient, this could mean nearly $200 more in their benefits per month. Couples collecting benefits could see as much as $2,753 more per month.

Pursuing the benefits you deserve

While the Social Security program, in general, is a hot-button issue politically, the fact that recipients will see this bump next year likely comes as a great relief to anyone struggling financially because they are retired or unable to work because of a disabling condition.

Programs like Social Security Disability Insurance (SSDI) are notoriously complicated and frustrating to navigate. People often see their applications wrongfully denied or terminated, jeopardizing the critical funds they need and deserve. 

Because of these complications and knowing that there is more on the line financially, it is crucial for individuals to be diligent and aggressive when pursuing Social Security benefits. Doing so can ensure qualified parties receive vital financial support. To discuss your options, speak with an experienced attorney at Miller Cohen, P.L.C. who knows the complexities of the system. Contact our team online, or call 313-566-4787.