The Social Security Administration has announced that Social Security beneficiaries will receive a 5.9% increase in their benefits in 2022 to accommodate the changing cost of living.
This year’s cost-of-living adjustment (COLA) marks the biggest annual increase in nearly 40 years to account for the rising prices of everyday goods and services. To put the record increase in perspective, 2021’s benefits increased by only 1.3 percent.
Your New Monthly Benefit
You may have already noticed the change in your monthly checks, but if not you can access your information online through a My Social Security account.
Additional income may also mean higher taxes for some, since many people receiving Social Security have more income from investments, 401k plans or individual retirement accounts. In some situations, it might make sense reducing withdrawals from other taxable accounts.
If your income should go down for any reason, contact the Social Security Administration as you may be eligible for reduced Medicare Part B.
Does This Change to Social Security Affect Medicare Coverage or Costs?
To learn if the 2022 COLA increase could impact your health coverage, we recommend connecting with our team to discuss your personal situation. Medicare Choice Group is here to help at (855)-482-0574 or online.