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How the 2022 COLA Will Affect the Average Couple
Viewed by most as an historic event, the 2022 Cost of Living Adjustment (COLA) of 5.9% is the highest increase in decades. But what will that increase mean to the average senior couple who have been already paying inflated prices for the past year? Well, the “average” Social Security benefit will rise to about $1,657 per month which could equate to about $3000 for the average couple who claimed benefits at their full retirement age. But “average” means that some will see a smaller dollar increase and some a larger one, and over 62 million beneficiaries will, indeed, have a slightly higher SS income to help offset those rapidly rising prices. This Yahoo! Finance article by Georgina Tzanetos explains.
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