The Social Security Administration (SSA) recently announced a Cost of Living Adjustment (COLA) for 2022. Social Security and Supplemental Security Income (SSI) recipients will see a 5.9% increase in their benefits. COLA increases in the past couple of years have been around 1-1.3%. This year’s adjustment is one of the highest COLA jumps in decades.
The 5.9% increase will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Approximately 8 million SSI beneficiaries will begin to see increased payments as early as December 30, 2021.
The COLA is meant to ensure that Social Security benefits are not negatively impacted by inflation. “We are pleased to know that our clients and social security recipients will be receiving this cost-of-living adjustment as we are continuing to see inflation rates rising, ultimately reducing purchasing power for consumers,” said attorney Nicklyn Dolphin.
Our Social Security disability attorneys are dedicated to helping people throughout New England. If you or a loved one is seeking Social Security disability benefits or are looking for information regarding disability benefits, we are here to help.