[NFBofSC] Social Security Announces 5.9 Percent Benefit Increase for 2022

[Steve Cook]

Social Security Announces 5.9 Percent Benefit Increase for 2022


 

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 8 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
<https://www.ssa.gov/myaccount> www.socialsecurity.gov/myaccount.

Information about Medicare changes for 2022, when announced, will be
available at  <https://www.medicare.gov/> www.medicare.gov. 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  <https://www.ssa.gov/cola/> www.socialsecurity.gov/cola.

NOTE TO CORRESPONDENTS: Here is a
<https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf> fact sheet
showing the effect of the various automatic adjustments.

To get more Social Security news, follow the Press Office on Twitter
<http://twitter.com/SSAPress> @SSAPress.

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