Which payments are affected by COLA?
There are three Social Security Administration programs that are affected by the COLA each year.
Along with Social Security, the adjustment increases annual benefits for SSI and SSDI claimants.
In 2022, the average SSI benefit is $621 per month, while the maximum for an individual is $841, according to the SSA.
Eligible couples can receive up to $1,261 per month.
Meanwhile, things are a little more complex for SSDI.
The amount of the benefit depends on the age at which you became incapacitated for work, your employment history (including the average income you ever earned) and your qualifying period.