How the 2022 COLA could increase Social Security benefits


It looks like retirees will get a raise next year.

The Senior Citizens League is a nonpartisan advocacy group for older Americans and has a history of accurately forecasting the annual cost of living change. The group estimates the Social Security COLA for 2022 may be 6.2%.

The boost would be much higher than the 1.3% adjustment made for 2021, which was one of the lowest increases Social Security has ever had.

Check out this video to see how much money this will add to your benefits and to see how the increase compares with other changes in the past.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.



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