In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years

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Kelleher + Holland, LLC

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Dec 01, 2021

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Florida - Southwest

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For more information on Jo-Anne Jeffreys, Elder Law Attorney, Click Here.
The year was 1983: The U.S. invaded Grenada. A gallon of gas cost 96 cents. Michael Jacksons Thriller video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge since 1983s 7.4 percent jump.
Cost-of-living increases are tied to the consumer price index, and rising inflation rates and gas prices caused by the ongoing coronavirus pandemic mean Social Security recipients will get a large boost in 2022. The 5.9 percent increase dwarfs last years 1.3 percent rise, and over the past decade hikes have averaged just 1.65 percent. The average monthly benefit of $1,565 in 2021 will go up by $92 a month to $1,657 a month for an individual beneficiary, or $19,884 yearly.
The cost-of-living change also affects the maximum amount of earnings subject to the Social Security tax, which will grow from $142,800 to $147,000.
For 2022, the monthly federal Supplemental Security Income (SSI) payment standard will be $841 for an individual and $1,261 for a couple.
Part of the increase will be eaten up by higher Medicare Part B premiums, however. The standard monthly premium for Medicare Part B enrollees has not been announced yet, but it is projected to rise $10 a month to $158.30. And the 5.9 percent Social Security increase may not be enough for seniors to keep pace with rising health care and prescription drug costs.
Youre glad that you get a 5.9 percent increase, but it doesnt feel like youre getting 5.9 percent when all of your other costs are going up much higher,saidNancy Altman, president of the advocacy groupSocial Security Works.
Most beneficiaries will be able to find out their specific cost-of-living adjustment online by logging on tomySocial Securityin December 2021. While you can still receive your increase notice by mail, you have the option to get thenotice online instead.

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Kelleher + Holland, LLC

Elder Law 1100 5th Avenue South, Naples, Florida, 34102

Kelleher + Holland, LLC attorneys offer assistance in a wide variety of legal services. With extensive experience, as well as offices in Florida and Illinois, we have the skill and knowledge you need to find answers that are strategically designed to meet the needs of your specific situation. Our Naples practice includes: Estate Planning: We help individuals develop comprehensive estate plans that protect legacies and provide peace of mind.Elder Law: We help families take the necessary steps to ensure their elderly loved ones have the care they need going forward.Medicaid Planning: We help individuals protect their assets and qualify for Medicaid benefits to cover long-term care costs.Special Needs Planning: Our plans are designed to help ensure that your loved ones with disabilities are protected and provided for, while preserving their eligibility for government benefits.Probate: Our team guides families through each step, ensuring a smooth and efficient administration of their loved ones estate.Guardianship: We provide compassionate guidance and tailored legal solutions for the well-being of loved ones. Jo-Anne Herina Jeffreys concentrates her practice in the areas of Elder Law, Estate Planning, and Special Needs Planning and is a Certified Elder Law Attorney through the National Elder Law Foundation. She is an adjunct Professor of Law at Ave Maria School of Law in Naples, Florida, where she teaches Wills, Trusts, and Estates. As a member of the Special Needs Alliance, Jo-Anne is part of a national network of lawyers dedicated to serving families of individuals with disabilities. Among her many accolades, Jo-Anne has been distinguished as a Fellow of the National Academy of Elder Law Attorneys. She is also a frequent lecturer on Elder Law topics at both state and national levels, and is the co-author of Representing the Elderly Client - Law and Practice, Panel Publishers 1999, now Wolters Kluwer.

Kelleher + Holland, LLC

Trust Management 1100 5th Avenue South, Naples, Florida, 34102

Kelleher + Holland, LLC attorneys offer assistance in a wide variety of legal services. With extensive experience, as well as offices in Florida and Illinois, we have the skill and knowledge you need to find answers that are strategically designed to meet the needs of your specific situation. Our Naples practice includes: Estate Planning: We help individuals develop comprehensive estate plans that protect legacies and provide peace of mind.Elder Law: We help families take the necessary steps to ensure their elderly loved ones have the care they need going forward.Medicaid Planning: We help individuals protect their assets and qualify for Medicaid benefits to cover long-term care costs.Special Needs Planning: Our plans are designed to help ensure that your loved ones with disabilities are protected and provided for, while preserving their eligibility for government benefits.Probate: Our team guides families through each step, ensuring a smooth and efficient administration of their loved ones estate.Guardianship: We provide compassionate guidance and tailored legal solutions for the well-being of loved ones. Jo-Anne Herina Jeffreys concentrates her practice in the areas of Elder Law, Estate Planning, and Special Needs Planning and is a Certified Elder Law Attorney through the National Elder Law Foundation. She is an adjunct Professor of Law at Ave Maria School of Law in Naples, Florida, where she teaches Wills, Trusts, and Estates. As a member of the Special Needs Alliance, Jo-Anne is part of a national network of lawyers dedicated to serving families of individuals with disabilities. Among her many accolades, Jo-Anne has been distinguished as a Fellow of the National Academy of Elder Law Attorneys. She is also a frequent lecturer on Elder Law topics at both state and national levels, and is the co-author of Representing the Elderly Client - Law and Practice, Panel Publishers 1999, now Wolters Kluwer.

Kelleher + Holland, LLC

Power of Attorney 1100 5th Avenue South, Naples, Florida, 34102

Kelleher + Holland, LLC attorneys offer assistance in a wide variety of legal services. With extensive experience, as well as offices in Florida and Illinois, we have the skill and knowledge you need to find answers that are strategically designed to meet the needs of your specific situation. Our Naples practice includes: Estate Planning: We help individuals develop comprehensive estate plans that protect legacies and provide peace of mind.Elder Law: We help families take the necessary steps to ensure their elderly loved ones have the care they need going forward.Medicaid Planning: We help individuals protect their assets and qualify for Medicaid benefits to cover long-term care costs.Special Needs Planning: Our plans are designed to help ensure that your loved ones with disabilities are protected and provided for, while preserving their eligibility for government benefits.Probate: Our team guides families through each step, ensuring a smooth and efficient administration of their loved ones estate.Guardianship: We provide compassionate guidance and tailored legal solutions for the well-being of loved ones. Jo-Anne Herina Jeffreys concentrates her practice in the areas of Elder Law, Estate Planning, and Special Needs Planning and is a Certified Elder Law Attorney through the National Elder Law Foundation. She is an adjunct Professor of Law at Ave Maria School of Law in Naples, Florida, where she teaches Wills, Trusts, and Estates. As a member of the Special Needs Alliance, Jo-Anne is part of a national network of lawyers dedicated to serving families of individuals with disabilities. Among her many accolades, Jo-Anne has been distinguished as a Fellow of the National Academy of Elder Law Attorneys. She is also a frequent lecturer on Elder Law topics at both state and national levels, and is the co-author of Representing the Elderly Client - Law and Practice, Panel Publishers 1999, now Wolters Kluwer.