When does the Social Security COLA increase come into effect?

SOCIAL Security and Supplemental Security Income benefits are set to increase in 2022. The increase will affect approximately 70million Americans who rely on the benefits. 1 Retirees can expect to see a 5.9% increase in COLA payments in 2022 Cost-of-living adjustment (COLA) payments are meant to offset recent inflation, according to the Social Security Administration. The 5.9% increase is set to begin in January 2022 for those collecting Social Security (SS), and on December 30, 2021, for those collecting Supplemental Security Income (SSI). This is the largest COLA increase in nearly 40 years. When you’ll see the increase reflected in… Read Full Article