Last Updated: October 13, 2021 Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022.

The 1975-82 COLAs were effective with Social Security benefits payable for June in each of those years; thereafter COLAs have been effective with benefits payable for December….Social Security Cost-Of-Living Adjustments.

COLAs & AWI increases under the intermediate assumptions of the 2021 Trustees Report

The latest COLA is 5.9 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 5.9 percent beginning with the December 2021 benefits, which are payable in January 2022. Federal SSI payment levels will also increase by 5.9 percent effective for payments made for January 2022.

Social Security checks to rise 5.9% in 2022 The Social Security Administration has released the schedule of Social Security payments for 2022. These payments will be the first to include the new 5.9% cost-of-living adjustment (COLA)..

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019.

Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2020. (Note: some people receive both Social Security and SSI benefits) Read more about the Social Security Cost-of-Living adjustment for 2021. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800.

Spending on the Social Security program will exceed its dedicated tax revenues, on average, by about 12 percent over the next decade, CBO projects. The gap will grow larger in the 2020s and will exceed 30 percent of revenues by 2030.

The earnings limit for workers who are younger than “full” retirement age (see Full Retirement Age Chart) will increase to $18,960. (We deduct $1 from benefits for each $2 earned over $18,960.)