The change means that inflation no longer drains value from Social Security benefits. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index (CPI-W). Before that, benefits were increased only when Congress enacted special legislation.īeginning in 1975, Social Security started automatic annual cost-of-living allowances. By law, it is the official measure used by the Social Security Administration to calculate COLAs.Ĭongress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. If there is no increase, there can be no COLA. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. History of Automatic Cost-Of-Living Adjustments (COLA) You can learn more about the ways we protect your personal information and my Social Security account here.
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Remember, our services are free of charge. Be sure to choose your preferred way to receive courtesy notifications so you won’t miss your secure, convenient online COLA notice. You can also opt out of receiving notices by mail that are available online. This is a secure, convenient way to receive COLA notices online and save the message for later. In December 2021, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account. Final 2022 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center. Information about Medicare changes for 2022, when announced, will be available at For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2022 are announced. Read more about the COLA, tax, benefit and earning amounts for 2022.
There is no limit on earnings for workers who are "full" retirement age or older for the entire year. (We deduct $1 from benefits for each $3 earned over $51,960 until the month the worker turns “full” retirement age.)
The earnings limit for people reaching their “full” retirement age in 2022 will increase to $51,960. (We deduct $1 from benefits for each $2 earned over $19,560.)
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The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $19,560. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000. Read more about the Social Security Cost-of-Living adjustment for 2022. (Note: some people receive both Social Security and SSI benefits) Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022.
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