 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
www.socialsecurity.gov/myaccount.
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column] |
 Information about Medicare changes for 2022, when
announced, will be available at
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
www.socialsecurity.gov/cola.
2022 COLA fact sheet - pdf
[Jack Myers
Public Affairs Specialist
Social Security Administration] |
