Social Security announces a nearly 6% benefit increase for 2022
About 70 million Americans will receive a 5.9% increase in Social Security and supplemental security income benefits next year, according to the Social Security Administration.
The 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 about 8 million SSI beneficiaries will begin December 30, 2021.
The biggest COLA adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the COVID-19 pandemic.
According to estimates released Wednesday by the Social Security Administration, the COLA increase amounts to $92 a month for the average retired worker.
Most people who receive Social Security payments will be able to view their COLA notice online through their personal Social Security account. Those who don't have one can create one at www.socialsecurity.gov/myaccount.