Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase by 5.9% in 2022, the Social Security Administration announced today.
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to in excess of 64 million Social Security beneficiaries in January 2022. Increased payments to nearly 8 million SSI beneficiaries will start on December 30, 2021.
Some other adjustments will take effect this January (2022), and are based on the increase in average wages. The maximum amount of earnings subject to the Social Security tax will increase to $147,000 from $142,800.