Seniors receiving Social Security checks are entitled to periodic benefit increases called Cost of Living Adjustments (COLAs). These COLAs are critical to ensure retirees don’t lose buying power as prices rise over time due to inflation.
In recent years, however, the COLAs have been very small. That’s all changing in 2022, though, as this year’s benefit increase is more than four times higher than the average in recent years.
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Retirees will get their most generous raise in decades
Over the past 12 years, Social Security’s cost of living adjustments have been meager. In fact, they’ve averaged just 1.38%.
And, as the table below detailing past COLAs shows, in some years retirees haven’t received any Social Security benefits increase at all.
| Year | COLA |
|---|---|
| January 2021 | 1.3% |
| January 2020 | 1.6% |
| January 2019 | 2.8% |
| January 2018 | 2.00% |
| January 2017 | 0.3% |
| January 2016 | 0% |
| January 2015 | 1.7% |
| January 2014 | 1.5% |
| January 2013 | 1.7% |
| January 2012 | 3.6% |
| January 2011 | 0% |
| January 2010 | 0% |
