Supplemental Security Income 2022: New plans could expand SSI eligibility to millions: Find out if you benefit

Why does the COLA increase?

COLA is adjusted for inflation, which has risen 5.4 percent since September due to high consumer demand.

The change in inflation means that retired workers can expect an increase of $92 on average, raising their monthly benefit from $1,565 to $1,657.

Also, the maximum Social Security benefit in 2022 will be $4,194.

And the maximum amount of earnings subject to Social Security tax will increase from $142,800 to $147,000.

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