HUGE SOCIAL SECURITY BENEFIT INCREASE FOR 2022

Individuals who receive a benefit from Social Security will see a the largest Cost of Living (COLA) increase since 1982. Social Security adjusts benefits based on inflation in the Consumer Price Index (CPI-W). As you know, the first half of 2022 has seen high inflation in the 10 percent range. This equals to a big increase in Social Security benefits for 2023.

We estimate that the Cost of Living Adjustment (COLA) for the end of 2022 will be about 10.5 percent. That will be one of the largest increases in the past 40 years.

The 10.5% increase would also be the first time the cost of living adjustment reached double digits since 1982, when it was 11.2%. The highest COLA increase in the program’s history happened the prior year, reaching 14.3% in 1981.

A beneficiary who receives $1,500 a month from Social Security, may see his/her benefit increase to as much as $1,675 per month--or even more. That's an increase of $157.50. As of today, that is only an estimate.

Social Security will announce the formal COLA number in October, 2022 and beneficiaries will receive official notice of their new payment amount in December.

You don't have to do anything to receive this increase. Social Security automatically adjusts benefits to help offset inflation. The increased benefit checks will start automatically in January, 2023.

Afterthought: Be aware of scammers (criminals) who may call you and say that you must do something to get the COLA increase. They may ask you to send money, send a gift card, provide a credit card, or "verify" you Social Security Number or other personal information. Social Security will not make this type of call. If you receive a call like this, it is a scam. Hang up immediately. Do not provide or "verify" any personal information! _____________________

Charles W. Forsythe is a founder and senior partner with The Forsythe Firm in Huntsville, AL - advocates for Social Security disability claimants.