Social Security Announces 5.9 Percent Benefit Increase for 2022

Special to The Truth

Social Security and Supplemental Security Income (SSI) benefits for
approximately 70 million Americans will increase 5.9 percent in 2022, the
Social Security Administration announced today.

The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits
payable to more than 64 million Social Security beneficiaries in January
2022. Increased payments to approximately eight million SSI beneficiaries will
begin on December 30, 2021.  (Note: some people receive both Social
Security and SSI benefits).  The Social Security Act ties the annual COLA
to the increase in the Consumer Price Index as determined by the Department
of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based
on the increase in average wages. Based on that increase, the maximum
amount of earnings subject to the Social Security tax (taxable maximum)
will increase to $147,000 from $142,800.

Social Security and SSI beneficiaries are normally notified by mail
starting in early December about their new benefit amount.  Most people who
receive Social Security payments will be able to view their COLA notice
online through their personal _my_ Social Security account.  People may
create or access their _my_ Social Security account online at [1].

Information about Medicare changes for 2022, when announced, will be
available at [2].  For Social Security beneficiaries
receiving Medicare, Social Security will not be able to compute their new
benefit amount until after the Medicare premium amounts for 2022 are
announced.  Final 2022 benefit amounts will be communicated to
beneficiaries in December through the mailed COLA notice and _my_ Social
Security’s Message Center.

The Social Security Act provides for how the COLA is calculated.  To read
more, please visit [3].