Staunton Star - Times - Published in the Interest of the Staunton Community for Over 143 Years

Social Security benefits increase in 2022

 

November 17, 2021



By Nikki Tabor

Social Security District

Manager in Litchfield

Approximately 70 million Americans will see a 5.9 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are a little more expensive, so the cost-of-living adjustment (COLA) helps to offset these costs.

We w...



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