January 21, 2022

Social Security benefits will increase in 2022 – The News Herald

About 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) by 2022. Federal benefits rise when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

The CPI-W rises when inflation rises, leading to a higher cost of living. This change means that prices for goods and services are slightly more expensive on average, so the cost of living (COLA) adjustment helps offset these costs.

Throughout December, we’re sending COLA announcements to retirees, survivors and disability beneficiaries, SSI recipients, and representative beneficiaries. But if you want to know your new benefit amount sooner, you can safely get your Social Security COLA notice online using the Message Center in your My Social Security account at ssa.gov/myaccount. You will have access to this information in early December prior to the notification sent by post.

If you prefer to access your COLA notice online and do not receive the notice by post, you can log in to your personal My Social Security account at ssa.gov/myaccount to unsubscribe from an emailed COLA and other notifications available online by updating your preferences in the Notification Center.

January 2022 marks other changes that will take place based on the rise in the national average wage index. For example, in 2022 the maximum wage that is subject to payroll tax will be higher. The exempt amount of the pension income test will also change in 2022.

More information about the COLA 2022 can be found at: ssa.gov/cola.

Erin Thompson is a public affairs specialist for the Social Security Administration.

Erin Thompson

Leave a Reply

Your email address will not be published. Required fields are marked *