How a rising cost of living will affect Social Security Sandra Block, Kiplinger’s Personal Finance
IF YOU RECEIVE BENEFITS, YOU’LL GET A SIGNIFICANT RAISE IN 2022 — AND HIGH EARNERS WILL OWE MORE IN PAYROLL TAXES. Social Security beneficiaries will receive a 5.9% cost-ofliving adjustment in their Social Security benefits in 2022, the biggest jump since 1982, when benefits rose 7.4%. In 2021, the COLA was just 1.3%. The average monthly benefit will rise from $1,565 to $1,657 in 2022, or $92 a month. The average monthly payment for a married couple who are both receiving benefits will increase to $2,753, from $2,599.
6 SENIOR LIVING IN ALASKA • MARCH 2022
But given price hikes for everything from gas to restaurant meals, some seniors may discover that the pay raise will fall short of increases in their cost of living — particularly when health care costs are taken into account.
Medicare Part B premiums, which cover doctor visits and outpatient services, are rising to $170.10 per month in 2022, up from $148.50 the year before, according to the Centers for Medicare & Medicaid Services.
