It can often be helpful to work with a lawyer when going through the disability benefits application process. If you are currently unable to work due to a disabling condition, you may qualify for disability benefits. This is especially true for rapidly rising healthcare costs. If you become eligible for SSI or Social Security benefits in 2022, you simply follow the application process established by the SSA to start receiving financial benefits.Īmericans that receive SSI or Social Security benefits in 2022 should remember the COLA increase might not be sufficient to cover the costs of other expenses. In December of 2021, the SSA will upload the COLA notices online via the SSA website’s Message Center for every SSI and Social Security account. The SSA will automatically add the COLA increase to your checks starting in January 2022. If you receive Social Security or SSI benefits, you do not need to do anything to get the COLA increase. Here is a comparison between the average benefits Americans received in 2021 and what Americans should receive in benefits at the 5.9% COLA rate during 2022.Ģ022 Amount ($/month) After 5.9% Increaseĭisabled Worker, Spouse and One or More Children With inflation expected to continue rising beyond 2022, the Social Security COLA increase for 2022 might fall below what COLA turns out to be in 2023. Cost of living adjustments made by the CPI relies heavily on gas prices, which for 2021 rose at the fastest rate seen in the United States in more than 10 years. The 1.3% increase in the COLA for 2021 paled in comparison to the unexpected jump in consumer prices at 5.4%. Increasing COLA for 2022 cannot come soon enough for millions of Americans that have struggled financially during the pandemic. In June of 2021, the average Social Security check stood at $1,555, A bump of 5.9% increases the payment to $1,647 a month. When prices for commodities such as fuel and food rise, the CPI raises the cost of living index to account for the higher prices. The Department of Labor’s Consumer Price Index (CPI) measures increases in the cost of living. Will You Receive an Increase in Social Security Benefits in 2022? The SSA is increasing benefits by a whopping 5.9%, which represents the largest boost in Social Security and Supplemental Income (SSI) benefits in nearly 40 years. If you are wondering about Social Security COLA 2022, you can expect a much-needed increase in financial assistance. Will Social Security recipients get a raise in 2022? The answer is a resounding yes.Įvery year, the Social Security Administration (SSA) makes a cost of living adjustment (COLA) for Americans that qualify to receive benefits.
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