Social Security benefit increases have been automatically calculated based on inflation each year since 1975.
On Oct. 13, the Social Security Administration announced Social Security benefits would increase by 5.9% in 2022 to account for inflation. The AARP says that this will boost benefits by an average of $92 a month next year.
Is the president directly responsible for Social Security benefit increases?
No, the president does not directly set Social Security benefit increases. Increases in Social Security benefits are automatically determined through a formula based on the Consumer Price Index (CPI).
WHAT WE FOUND
The SSA explains its cost-of-living adjustment, called COLA, is calculated by taking the percent increase in Consumer Price Index (CPI) from one year to the next. It’s calculated at the end of September, hence why the SSA announced it this month. If there’s no increase, then there isn’t any adjustment in Social Security benefits that year.
The Bureau of Labor Statistics …