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What to expect: Social Security and SSI benefits for millions will increase in 2022

(WGEM)
Published: Dec. 28, 2021 at 5:30 PM CST
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BIRMINGHAM, Ala. (WBRC) - Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, according to the Social Security Administration.

According to the SSA, the 5.9 percent cost-of-living adjustment, or 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.

Read more about the Social Security Cost-of-Living adjustment for 2022 here.

Read more about the COLA, tax, benefit and earning amounts for 2022 here.

A 5.9% COLA will increase the average Social Security payment for a retired worker by about $92 a month, to $1,657 in 2022. Compare that with the 2021 COLA, worth only about $20 a month.

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