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SSI Benefits Will Increase By Largest Amount In Decades

As per the Social Security Administration, people with disabilities receiving Supplemental Security Income and other Social Security benefits will see an increase of 5.9% in payments in 2022. This is the largest increase in monthly payments since 1982. The new amounts will start Dec. 30 for 8 million SSI beneficiaries.

The change is the result of an automatic cost-of-living adjustment, or COLA, which is tied to inflation. The annual adjustment is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics. In the last 10 years, COLA has increased by an average of 1.65% annually.

With this year’s COLA, the maximum federal SSI benefit for individuals will be $841 per month in 2022, up from $794 this year, the Social Security Administration said. For couples, the maximum will be $1,261 next year, up from $1,191.

The Social Security Administration said beneficiaries are usually notified by mail beginning in early December about their updated payment amount for the coming year and most people will also be able to view the information online through their Social Security account at that time.

See original article from Disability Scoop at