On October 13th, 2021, the Social Security Administration announced a significant rise in monthly benefits for Social Security and Supplemental Security Income (SSI) recipients. This 5.9% cost-of-living adjustment (COLA) is the largest increase in 39 years and will begin with benefits payable to Social Security beneficiaries in January 2022. Recipients of SSI will begin to see the monthly benefit increase at the end of December 2021. The increases over the last few years pale in comparison when inflation was much lower: For reference, we’ve included a chart of the historical cost-of-living adjustments over the last 10 years.
For those who have not started taking Social Security, please don’t hesitate to reach out to see how we can help you optimize the best Social Security strategy in retirement.
