Here Comes the 2022 Cost of Living Adjustment (COLA) - SILive.com
Much recent news has heralded the big COLA increase coming in 2022, but not a lot has been written about what that will mean in dollars for the average Social Security recipient. This SILive.com (Staten Island, NY) article by Jessica Jones-Gorman tackles that questions head on by explaining what the average beneficiary will see in their January Social Security check. The article also correctly reports that most seniors will not see the full 5.9% increase because Medicare’s Part B premium is also increasing for 2022 and that increase will be taken from Social Security payments, but just one word of caution: when reading about how Medicare will affect the COLA increase, the article incorrectly states that Medicare’s Part B premium is going up by $29.60. Medicare’s Part B premium is actually going up by $21.60 because the standard 2021 Part B premium is $148.50 (not $140.50 as said in the article). Nevertheless, this article is a good description of how the 2022 Cost of Living Adjustment will affect the average beneficiary. Click here to read more.