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The COLA increase for 2022 was 5.9%, the largest the nation has seen since the 1980s.
The only other time close to this was in 2009 when the increase was 5.8%, just slightly lower.
The new increase will go into effect in January of 2022, impacting millions who have suffered thanks to inflation.
Related: When will the first COLA checks go out in January of 2022?
COLA exists to keep up with the fluctuation of the economy. Some years it has not changed, but it never drops down. Decisions on how high it goes up are based on the consumer price index from July through Sept., the third quarter, of the year. It’s then announced in Oct., the fourth quarter, and goes into effect on the first of the new year.
It’s not only retirees impacted by the increase, it’s disabled people that collect social security as well.
Related: Are people who collect social security getting a fourth stimulus check worth $1,400? Advocates ask Congress to approve it
It’s estimated that 8 million people collecting SSDI will see their benefits go up. Where SSI retired recipients will see an average of $92 more dollars per month, SSDI recipients will see around $76 more dollars per month.
Disabled workers that are married will see around $133 more dollars per month.
Related: Will people who collect social security be getting a fourth stimulus check?
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