Benefits Will Rise by 5.9%, Representing the Biggest Boost in Decades
Individuals with disabilities who receive Supplemental Security Income (SSI) and other Social Security benefits will see the largest increase in their monthly payments since 1982. Earlier this month, the Social Security Administration announced that benefits will grow 5.9% in 2022. For the past ten years, benefits have increased on average by only 1.65% annually. This change is due to an automatic cost-of-living adjustment, also known as COLA, which is connected to inflation. COLA is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics. With the new year’s increase, the maximum federal SSI benefit for individuals will be $841 per month, up from $794 this year. This increased amount will start on December 30. SSI beneficiaries should be notified by mail in early December about their updated payment amount for the coming year and most people will have the ability to view the information online through their Social Security account at that time as well.
