Skip to main content

  • Home
  • About
  • Our Services
  • Family Office
  • Resources
    • FORM ADV Part 3: Form CRS
    • Featured Articles
    • Calculator Library
    • Newsletter
    • Useful Websites
  • Blog
  • Contact 
    • Book a Meeting
    • Refer a Friend
    • Subscribe to our newsletter
  • Client Portal

The Social Security Administration Announces 2022 COLA

    You are here

  1. Home
  2. Blogs
  3. The Social Security Administration Announces 2022 COLA

The Social Security Administration Announces 2022 COLA

Submitted by Pinnacle Wealth Management Group, Inc on October 28th, 2021

The Social Security Administration Announces 2022 COLA

On October 13, 2021, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022, the largest increase in four decades. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2021.1 

Biggest COLA Increase in Decades? While many predicted a bump of as much as 6.1% given recent movement in the Consumer Price Index (CPI), the announced 5.9% increase is still substantial. Some fear that rising consumer prices may dilute the impact of the increase with inflation currently running at more than 5 percent. While this remains to be seen, Social Security beneficiaries will no doubt welcome the largest adjustment in many years.1

How You Will Be Notified. According to the Social Security Administration, Social Security and SSI beneficiaries are usually notified about their new benefit amount by mail starting in early December. However, if you’ve set up your SSA online account, you will also be able to view your COLA notice online through your “My Social Security” account.1 

Next Steps? If this increase surprises or concerns you, it's always a good idea to seek guidance from your financial professional about changes to any of your sources of retirement income. I welcome a chance to talk with you about this.

To learn more, call our office or CLICK HERE to request a meeting today!

(734) 667-5581

Pinnacle Wealth Management Group, Inc.

www.pwmgi.com

849 Penniman Ave, Suite 201, Plymouth, MI 48170

This material was prepared by MarketingPro, Inc. for use by Daniel A. Cesta.

Securities offered through Private Client Services, Member FINRA/SIPC. Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor. Private Client Services and Pinnacle Wealth Management Group, Inc., are unaffiliated entities.

Citations.

1. SSA.gov, October 13, 2021

Tags:
  • 2022
  • COLA
  • Financial
  • pinnacle
  • Pinnacle Wealth Management
  • retirement
  • retirement planning
  • social security
  • wealth management

Book a Meeting

Refer a Friend

Subscribe to our newsletter

Contact Us

Don't hesitate to get in touch with us.
We would love the opportunity to become your trusted advisor.

Get to know us

Phone: 734-667-5581
Fax: 734-667-5607

Email: support@pwmgi.com

849 Penniman Suite 201, Plymouth, Michigan 48170

Get Directions

Quick Message

  • Sitemap
  • Legal, privacy, copyright and trademark information

Securities offered through Private Client Services, Member FINRA/SIPC. Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor. Private Client Services and Pinnacle Wealth Management Group, Inc. are unaffiliated entities.

This site is published for residents of the United States only. Registered Representatives of Private Client Services, Member FINRA/ SPIC and investment advisor representatives of Pinnacle Wealth Management Group, Inc., an SEC Registered Investment Advisory firm may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of the services referenced on this site are available in every state and through every advisor listed. For additional information, please contact us for more information. 

© 2023 Pinnacle Wealth Management Group, Inc. All rights reserved.

Website Design For Financial Services Professionals