Social benefits to rise in 2022 | News - Market News
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Social benefits to rise in 2022 | News

Social benefits to rise in 2022 |  News

About 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) by 2022. Federal benefits rise 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 rises, leading to a higher cost of living. This change means that prices for goods and services are slightly more expensive on average, so the cost of living (COLA) adjustment helps offset these costs.

COLA notices will be sent throughout December to retirees, survivors and disability beneficiaries, SSI recipients and representative beneficiaries. But if you want to know your new benefit amount sooner, you can safely get your Social Security COLA notice online using the Message Center in your My Social Security account at www.ssa.gov/myaccount. You will have access to this information in early December prior to the notification sent by post.

If you prefer to access your COLA notice online and do not receive the notice by post, you can log in to your personal My Social Security account at www.ssa.gov/myaccount to unsubscribe from an emailed COLA and other notifications available online by updating your preferences in the Notification Center. Did you know that you can receive a text or email notification when a new message is waiting for you? If you don’t already have an account, you must create one by November 17 to receive the 2022 COLA Notice Online.

January 2022 marks other changes that will take place based on the rise in the national average wage index. For example, in 2022 the maximum amount of WZW liable to pay wages tax will be higher. The exemption amount for the assessment of the pension test will also change in 2022 and you can view that at www.ssa.gov/news/press/factsheets/colafacts2022.pdf.

Be one of the first to know! Sign up for or log into your personal social security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications.