Social Security Administration Announces Cost-of-Living Increase of 5.9% for 2022

On Wednesday, the Social Security Administration (SSA) announced a 5.9% increase in Social Security and Supplemental Security Income (SSI) benefits 2022. The 2022 increase represents the largest increase in Social Security benefits in almost 40 years.

Social Security beneficiaries will begin receiving adjusted benefits in January 2022, and SSI beneficiaries will begin receiving increased payments December 30, 2021. The SSA created a fact sheet to provide additional detail about the automatic adjustments for 2022.