Bigger Social Security, SSI Checks On The Way
Millions of Americans with disabilities are seeing a big bump in their Supplemental Security Income and other Social Security benefits.
Monthly payments are growing 5.9%, according to the Social Security Administration. The change applies to SSI payments beginning Dec. 30 and Social Security benefits paid this month.
The increase is due to an annual automatic cost-of-living adjustment, or COLA, which is tied to inflation and is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics.
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This year’s COLA is the largest it’s been since 1982.
For individuals receiving SSI, the maximum federal benefit for 2022 will rise to $841 per month. The figure is $1,261 for couples. Actual payments could be higher since some states contribute more.
The Social Security Administration said it mailed notices in December to beneficiaries detailing new payment amounts. Most people can also access the information online through their Social Security account, the agency said.