Yes, Social Security recipients will receive a 5.9% increase in their benefits in 2022. This increase is due to the rise in the cost of living, as measured by the Consumer Price Index (CPI-W). The CPI-W is a measure of the average change in prices paid by urban wage earners and clerical workers for a basket of goods and services.
The 2022 Social Security Increase
The 5.9% increase is the largest Social Security increase in nearly 40 years. It will result in an average monthly benefit increase of $92 for retired workers, $146 for disabled workers, and $119 for survivors of deceased workers.
How the Social Security Increase is Calculated
The Social Security increase is calculated automatically each year based on the change in the CPI-W from the third quarter of the previous year to the third quarter of the current year. If there is an increase in the CPI-W, it is rounded to the nearest tenth of a percent and applied to Social Security benefits.
When Will Social Security Recipients See the Increase?
Social Security recipients will see the increase in their December 2021 benefits, which are payable in January 2022.
Additional Resources
- Social Security Benefits Increase in 2022
- Latest Cost-of-Living Adjustment
The 2022 Social Security increase is a significant boost for millions of Americans who rely on Social Security benefits. This increase will help to offset the rising cost of living and ensure that Social Security recipients can maintain their standard of living.
Frequently Asked Questions
- Will SSI recipients also receive a 5.9% increase in 2022?
Yes, SSI recipients will also receive a 5.9% increase in their benefits in 2022.
- How can I find out my new Social Security benefit amount?
You can find out your new Social Security benefit amount by logging into your my Social Security account online. You can also call the Social Security Administration at 1-800-772-1213.
- What if I don’t have a my Social Security account?
You can create a my Social Security account online at www.ssa.gov.
- How can I receive a text or email alert when there is a new message waiting for me in my Social Security account?
You can log in to your my Social Security account and select “Message Center Preferences” under the “Settings” menu. Then, check the boxes next to “Text Message Alerts” and “Email Alerts” to receive notifications when there is a new message waiting for you.
- When is the deadline to create a my Social Security account to receive the 2022 COLA notice online?
The deadline to create a my Social Security account to receive the 2022 COLA notice online is November 17, 2021.
- What if I don’t receive my COLA notice by mail?
If you don’t receive your COLA notice by mail, you can log in to your my Social Security account to view it online. You can also call the Social Security Administration at 1-800-772-1213.
- What if I have questions about my COLA notice?
If you have questions about your COLA notice, you can call the Social Security Administration at 1-800-772-1213.
- What if I need a benefit verification letter?
You can view, print, and save your benefit verification letter by logging into your my Social Security account online.
- What if I lost my Social Security Award Letter?
If you lost your Social Security Award Letter, you can request a replacement by calling the Social Security Administration at 1-800-772-1213.
- What if I’m on Social Security disability and can’t afford my medication?
You may qualify for the State to pay your Medicare premium. You will need to call your state medical assistance office for assistance. To get the local phone number, call the Centers for Medicare & Medicaid Services at 1-800-633-4227 (TTY, 1-877-486-2048). You may also be eligible to receive social services from the state in which you live. These services include free meals, housekeeping help, transportation, or help with other problems. To get information about services in your area and find out if you qualify, you will need to contact your state or local social services or welfare office.
Cost-of-Living Adjustment (COLA) Information (En español)
Benefits for over 71 million Americans on Social Security and Supplemental Security Income (SSI) will rise by three percent. 2 percent in 2024.
The 3. Beginning in January 2024, benefits payable to over 66 million Social Security beneficiaries will include a 2 percent cost-of-living adjustment (COLA). Increased payments to approximately 7. 5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits).
Read more about the Social Security Cost-of-Living adjustment for 2024.
The taxable maximum, or the highest amount of earnings subject to Social Security tax, will rise to $168,600.
For employees under the “full” retirement age (see Full Retirement Age Chart), the upper earnings limit will rise to $22,320. (We take away $1 from benefits for every $2 over $22,320 earned.) ).
When people reach their “full” retirement age in 2024, the earnings cap will rise to $59,520. The worker’s benefits are reduced by $1 for every $3 earned above $59,520 until the month they reach “full” retirement age. ).
For the entire year, employees who are “full” retirement age or older, there is no cap on their earnings.
Find out more about the 2024 COLA, taxes, benefits, and earnings amounts.
Medicare changes for 2024 will be covered in detail at www. medicare. gov. The mailed COLA notice and my Social Security Message Center will provide the new 2024 benefit amount for Social Security beneficiaries receiving Medicare in December.
Most beneficiaries will be able to access Social Security COLA notices online in December 2023 through the Message Center on their my Social Security account.
Online COLA notices can be securely received in this manner, and you can store the message for later. Additionally, you have the option to stop receiving online notices in the mail. To ensure that you don’t miss your safe and practical online COLA notice, be sure to select your preferred method of receiving courtesy notifications.
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