In 2022, Social Security benefits and Supplemental Security Income (SSI) payouts will increase by 5.9% for more than 70 million Americans.
According to an article published by the Social Security Administration, “Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are more expensive, so the cost-of-living adjustment (COLA) helps to offset these costs.”
COLA notices will be mailed to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees in December.
Relevant pages: Social Security Disability