With 2022 just ahead, it’s a time when many seniors are already making plans.

Planning ahead is wise, and any responsible retiree knows that calculating their Social Security payments in 2022 is important.

Knowing how much the COLA will increase your benefits by can help you budget for additional expenses and make new financial moves in the new year. It’s a well-deserved increase for all seniors, and we at NORA are proud to have helped bring it about with our great readers.

To take a closer look at Social Security in the coming year, let’s recall what the average payment is counting the increase. The total comes to $1,657, a number that could vary depending on a person’s financial standing and retirement situation.

But to look even closer, we have to see the what, why, and how of Social Security payments in 2022.

Why 2022 Social Security Payments Will Be Different

It’s not just the higher payment amount that is changing Social Security in 2022. The statements will also have a different look — what you see in terms of a format and information will be new, so be ready for a change.

When we examine what this COLA represents, it must be stated that this isn’t a “raise” in the traditional sense. While the benefit amount did go up, it merely represents less of the benefit lost to rising costs. We must continue to fight for fair yearly COLAs in our changing economy.

The “why” of COLAs is reflected in the fact that COLAs are fair for seniors who paid in their hard-earned money. But these benefit increases are also valuable to fight against inflation and other economic strains heading our way in 2022.

No matter what happens in 2022, NORA will be here for you bringing you news and updates about Social Security, plus a wide variety of other fun and related subjects. Follow us on Twitter and Facebook for more.