Every year, beneficiaries anxiously await any news that has to do with Cost-of-Living Adjustments (COLA) in the hopes of receiving greater assistance in the coming year. Thankfully, though, you don’t have to wait any longer. The COLA for 2022 has been officially announced, and our attorneys have some pretty good news for you about what you have to look forward to in your future!
What Are The Changes For 2022?
In the past, beneficiaries have been left disappointed year after year after receiving minimal payment increases of less than two percent, which have barely been enough to get by. Not in 2022 though. This upcoming year, benefits are expected to go up a historically high 5.9% – and this includes recipients of disability and SSI retirement benefits through the Social Security Administration (SSA)!
Comparisons To Other COLAs Past
2022’s significant benefits increase is the largest seen in 40 years, and is a direct result of the dramatic economic impact of the COVID-19 pandemic. The increase is specifically meant to address the serious inflation the pandemic has caused, and help individuals and families finally regain a sense of normalcy after what has been an especially difficult few years, both physically and financially.
What Does This Mean For Those Receiving Disability Benefits?
All in all, 2022’s benefits increase should help beneficiaries quite a bit, and cover the price surges for most basic necessities. However, the benefits increase certainly won’t change anyone’s life overnight. While 5.9% may seem like a lot when compared to COLAs in the past, realistically beneficiaries should only expect to gain around $76 per month, meaning total benefits will go from $1,282 (2021) to about $1,358 (2022). That means, when it comes time for you to start collecting your updated checks, spend wisely; especially if you’re a retiree, on disability, or otherwise unable to work and rely on your benefits to live.
Aiello Law Group’s Got Your Back!
Want to know more about what you can expect to see on your benefits check in 2022, or what you can do if you’re struggling to receive any benefits at all? Talk to our exceptionally competent legal specialists at Aiello Law Group. Our Social Security disability attorneys are remarkably fierce when it comes to securing compensation for deserving clients, and have more than 140 years worth of combined experience to ensure we succeed for you no matter what sort of support you need. Whether you’ve yet to file for benefits, you need help with your submission, or you need help with an appeal, Aiello Law Group always has your back! Call us, today, at 313.964.4900 or fill out the form in the sidebar or on our contact page, and learn more about how we can help you.