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.