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COLA: Cost of Living Adjustment

Social Security recipients are entitled to an annual cost of living adjustment (COLA) if prices rise, known as inflation.

From January, seniors will benefit from a COLA of 5.9%, the largest increase in decades.

This means that the average 2022 check for a retired worker will increase by $92, from $1,565 to $1,657 per month.

A typical couple who both receive benefits will receive an additional $154, or $2,599 to $2,753 per month.

The COLA is calculated based on data from the third quarter of the Consumer Price Index for Urban and Clerical Employees (CPI-W) each year.

When the CPI-W drops or remains unchanged, Social Security beneficiaries generally do not receive COLA.

However, prices rose 5.4% for the 12 months ending in September, the Bureau of Labor confirmed in October.



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