Social Security, SSI Benefits Will Increase By Largest Amount In Decades
People with disabilities receiving Supplemental Security Income and other Social Security benefits are set to see the biggest rise in their monthly payments since 1982.
The Social Security Administration said this week that benefits will grow 5.9% in 2022.
The change is the result of an automatic cost-of-living adjustment, or COLA, which is tied to inflation. The annual adjustment is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics.
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With COLA, the maximum federal SSI benefit for individuals will be $841 per month in 2022, up from $794 this year, the Social Security Administration said. For couples, the maximum will be $1,261 next year, up from $1,191.
Beneficiaries may see payments that are greater than the federal maximum since some states chip in extra.
The new amounts will take effect in January for the nation’s 64 million Social Security beneficiaries and will start Dec. 30 for 8 million SSI beneficiaries.
The Social Security Administration said beneficiaries are usually notified by mail beginning in early December about their updated payment amount for the coming year and most people will also be able to view the information online through their Social Security account at that time.
In the last 10 years, COLA has increased by an average of 1.65% annually.