Baltimore, Maryland 2021-10-22 06:00:43 –
Washington DC — The Social Security Administration has announced that social security and supplementary security revenue (SSI) benefits for approximately 70 million Americans will increase by 5.9 percent in 2022.
The 5.9% Living Expense Adjustment (COLA) will begin with benefits paid to more than 64 million social security recipients in January 2022. The increase in payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. (Note: Some people receive both social security and SSI benefits). The Social Security Act links the annual COLA to the rise in the consumer price index determined by the Labor Statistics Bureau of the Ministry of Labor.
Other adjustments made each January are based on higher average wages. Based on that increase, the maximum amount of social security taxable revenue (the maximum taxable amount) will increase from $ 142,800 to $ 147,000.
Social Security and SSI beneficiaries will usually be notified by email of new benefits from early December. Most people who receive social security payments can view COLA notifications online through an individual. my Social security account.People can create or access their own my Online Social Security Account: www.socialsecurity.gov/myaccount..
Information on the 2022 Medicare changes will be available at the following URL when announced: www.medicare.gov.. For social security recipients receiving Medicare, Social Security will not be able to calculate new benefits until the 2022 Medicare premium is announced. The final 2022 benefits will be notified to the beneficiaries in December through a mailed COLA notice. my Social security message center.
The Social Welfare Act stipulates how to calculate COLA. For more information, please visit: www.socialsecurity.gov/cola..
Social Security benefits to increase 5.9 Percent for 2022 Source link Social Security benefits to increase 5.9 Percent for 2022