How record Social Security cost-of-living adjustment will be hit by inflation, Medicare premiums
"At first it was more, 'Wow, look at how great this is,'" said Kelly LaVigne, vice president of consumer insights at Allianz Life Insurance Company of North America, of reactions to the Social Security COLA for 2022.
"They haven't even received this larger check yet," LaVigne said. "So they're experiencing these higher prices without even getting more money, which will start in January."The estimated average monthly benefit for all retired workers will rise to $1,657, up from $1,565 — a $92 increase. But those who pay income-related premiums are excluded from that protection. Those beneficiaries pay the standard premium plus an extra charge known as an Income Related Monthly Adjustment Amount, or IRMAA.
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