Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 5.9% in 2022, the Social Security Administration announced Wednesday.
The 5.9% cost-of-living adjustment — known as COLA — will begin with benefits payable to more than 64 million Social Security beneficiaries in January. Increased payments to approximately 8 million SSI beneficiaries will begin on Dec. 30. 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.
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 Social Security account online at www.socialsecurity.gov/myaccount.
Due to the pandemic, Social Security offices are not open at this time for in-person service.
Many transactions can be completed online at www.ssa.gov/onlineservices. Representatives remain available by phone.