In 2022, for nearly 70 million Americans, Social Security and Supplemental Security Income (SSI) benefits will rise. The Social Security Administration said that a 5.9% increase will occur.
In January, the cost-of-living adjustment will start with benefits going out to more than 64 million SS beneficiaries. Increased funds to 8 million SSI beneficiaries will start in December 2021.
Many modifications that take place in January every year are determined through the rise of average wages. Therefore, the most amount of wages subject to social security tax will rise from $142,800 to $147,000.
Usually beneficiaries of Social Security and SSI are contacted by mail beginning in December so that they are informed of their new benefit amount. Some people may find the information on their “My Social Security” account.
If individuals receive Medicare, that new amount won’t be available until Medicare premiums are publicized in 2022.