About 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) income 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 adjustment (COLA) helps offset these costs.
Throughout December, we’re sending COLA announcements to retirees, survivors and disability beneficiaries, SSI recipients, and representative beneficiaries. But if you want to know your new benefit amount sooner, you can get your Social Security COLA return securely online using the message center in your My Social Security account at www.ssa.gov/myaccount. You can access this information in early December prior to 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 notice and other notices 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? That way, you’ll always know when we have something important for you, such as your COLA report. If you don’t already have an account, you must create one before November 17, 2021 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 retirement income test exemption amount will also change in 2022 and can be viewed at www.ssa.gov/news/press/factsheets/colafacts2022.pdf.
Be one of the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under Notification Center Preferences to receive courtesy notifications.
You can find more information about the COLA 2022 at www.ssa.gov/cola.
Vonda Van Til is the Public Affairs Specialist for West Michigan. You can write to her c/o Social Security Administration, 3045 Knapp NE, Grand Rapids MI 49525 or by email at [email protected]