About 70 million Americans will see a 5.9 percent 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 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 notice securely 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 in the mail, you can log in to your personal My Social Security account at www.ssa.gov/myaccount to unsubscribe from a COLA notice sent by mail. notice and any other notices available online by updating your preferences in the Message 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.
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 into your personal social security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications.
Daniel Damceski is the Staff Assistant/State Liaison for Central Ohio. You can withrite him c/o social security ANreceiverion, 200 N. High St., Columbus, Ohio 43215 or by email at [email protected] Damceski writes a column published in The Circleville Herald. The views of this column can does not necessarily correspond to that of the newspaper.