COLA notices for 2022 will be mailed out through December by the Social Security Administration.
You can check your notice online by logging in to your MySocialSecurity account if you would like to know your new benefit amount sooner.
Starting in early December, Social Security Administration will make the information available online.
In your message center, you will find your COLA notice.
Enabling account notifications will let you know as soon as your COLA is posted if it hasn’t yet appeared online.
You can choose to receive email or text messages under message center preferences after logging into your My Social Security account.
The Social Security and Supplemental Security Income payments of about 70 million Americans will increase by 5.9% next year.
In nearly 40 years, this has been the largest cost-of-living adjustment.
My Social Security Account: How to Create One
You can create an account at any time if you do not already have one.
Online COLA notices will however only be sent to beneficiaries who created their accounts before Nov. 17.
Additionally, creating an account is a good idea if you receive Social Security or Supplemental Security Income benefits.
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MySocialSecurity accounts also help you:
- Make a request for a new Social Security card.
- Change or set up direct deposit.
- Receive your Social Security tax form (SSA-1099).
- Print a benefit verification letter.
- Update your address.
You will need to do the following in order to create an account:
- Enter your personal information to verify your identity.
- Complete a security question.
- Create a password and username.
- Enter your one-time security code in order to confirm your e-mail address or phone number.
Note, you will receive a paper notice in the mail in the coming weeks, regardless of whether you have an online account.
The Average Social Security recipient is expected to receive how much in 2022?
COLA increases in 2022 will be the largest since 1982.
For an average recipient, things will look like this:
- Workers who are retired will receive an additional $92 a month, bringing the average monthly benefit up to $1,657.
- Approximately $76 extra a month will be given to disable workers, bringing their average benefit to $1,358 per month.
- Individuals will receive an additional $47 a month in Supplemental Security Income benefits, bringing the monthly maximum to $841.
There’s a good chance your 5.9% COLA won’t go far
Inflation affects Social Security COLA immensely.
Food, housing, and gas prices are rising each year, so the Social Security benefit annual increase is meant to compensate for this.
Over the years, Inflation has traditionally outpaced Social Security COLAs and this has also happened this year.
In October, the Consumer Price Index (CPI), a government measurement of price changes, stood at 6.2% — well above the 5.9% COLA.
Further costs eroding the new Social Security adjustment will likely be higher Medicare costs in 2022.
The Medicare Part B premium is usually deducted from the Social Security check of most Medicare beneficiaries.
Centers for Medicare & Medicaid Services (CMS) announced in November that Part B premiums will increase by $21.60 per month in 2022 — a record-breaking annual increase.
A higher Part A and Part B deductibles are also in store for Medicare beneficiaries next year.
