Social Security retirement benefits could see big hike in 2022: What to know

Predictions that Social Security retirement payments will increase by 6.2 percent in 2022 due to rising inflation may persuade some baby boomers to claim benefits sooner rather than later. After all, individuals claiming retirement benefits will receive more money the following year. If you’re going to get extra money, why not appropriate now, at the age of 62 or 63? According to experts, you should reconsider that decision.

As we hear more talk of a high cost of living increase next year, Social Security retirement benefits are becoming a hot subject.

In 2021, the cost of living adjustment, or COLA, was only 1.3 percent, lifting average monthly pay-outs by roughly $21 and making it one of the lowest increases on record since 1975, when Social Security began automatic yearly cost-of-living adjustments.