ALBANY, N.Y. (NEWS10) – Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 5.9% cost-of-living adjustment (COLA) for 2022. The COLA will begin payable benefits to more than 64 million Social Security beneficiaries, in January 2022, with Increased payments to about 8 million SSI beneficiaries scheduled to begin, on December 30, 2021.
The Social Security Act determines the annual COLA to the increase in the consumer price index, as determined by the Department of Labor’s Bureau of Labor Statistics. Social Security and SSI beneficiaries are normally notified by mail in early December, with their new benefit amount.
Social Security Beneficiaries receiving Medicare will not receive their new adjusted benefit amount until Medicare premium amounts are released for 2022.
The Social Security Act provides how the COLA is calculated:
People may create or access my Social Security websites.
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