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Cola Social Security increase 2022 update – New Cola increase set to begin in 2022 with larger monthly checks

7:00 ET, Dec 18 2021
Updated: 7:00 ET, Dec 18 2021

MILLIONS of social security beneficiaries will see a huge 5.9percent cost-of-living adjustment in January 2022.

The average cost of living allowance – or Cola, as it is commonly called – will increase by $92 per month from the start of 2022. But the exact amount for each of the 64million recipients varies, according to CNBC.

The huge spike is down to a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.

With the increase, the federal benefit will be at its highest point sine 1982.

The estimated average Social Security payment for a retired worker will be $1,657 a month next year. A typical couple's benefits would rise by $154 to $2,753 per month.

The Cola affects household budgets for about 1 in 5 Americans. That includes Social Security recipients, disabled veterans, and federal retirees, nearly 70million people in all.

Read our Cola 2022 increase live blog for the latest news and updates...

H. J. Hayes Today, 07:00

Why are SSI payments increasing?

Each year, the Social Security Administration typically issues a cost-of-living adjustment (COLA) to reflect the gradual increase in prices, known as inflation.

The cost-of-living adjustment helps to offset these costs.

The COLA is calculated based on third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

When the CPI-W drops or remains unchanged, Social Security recipients are generally not given a COLA.

But in October, the SSA said it will increase the COLA to 5.9%.

It represents the largest increase since the 1980s.
H. J. Hayes Today, 06:30
When do SSI payments go out?

When the payments arrive depends on your birthday.

If your birth date is on the 1st-10th, it will be deposited the second Wednesday of each month.

If your birth date is on the 11th-20th, it will be deposited on the third Wednesday of each month.

If your birth date is on the 21st-31st, it will be deposited on the fourth Wednesday of each month.

Here is the January 2022 payment schedule:
- Second Wednesday: January 12
- Third Wednesday: January 19
- Fourth Wednesday: January 26
H. J. Hayes Today, 06:00

When does COLA take effect?

Cost-of-living adjustment (COLA) payments are meant to offset recent inflation, according to the Social Security Administration.

The 5.9 percent increase is set to begin in January 2022 for those collecting Social Security (SS), and on December 30, 2021, for those collecting Supplemental Security Income (SSI).

This is the largest COLA increase in nearly 40 years.

H. J. Hayes Today, 05:30

When your benefits are late

If you believe your Social Security check was stolen, you need to contact the SSA office immediately.

If your delay is due to a change in personal information, such as a banking account or address, call your local SSA office or 1-800-772-1213 (Monday through Friday, 7am – 7pm).

For any other delays, the SSA suggests you wait three business days for your check to arrive.

After that date, you should call the SSA.
H. J. Hayes Today, 05:00

What is the formula for COLA?

The COLA is calculated based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) each year.

When the CPI-W drops or remains unchanged, Social Security recipients are generally not given a COLA.

However, prices rose 5.4 percent for the 12 months ending September, the Bureau of Labor confirmed in October.
H. J. Hayes Today, 04:30

What is Supplemental Security Income?

SSI is funded by general taxes and not social security taxes.

It is run by the Social Security Administration (SSA) and designed to help over-65's, blind and disabled people, who have little or no income.

To qualify, individuals can't have more than $2,000 in assets, while couples can have up to $3,000.

Generally, the more income you have, the less your SSI benefit will be.
H. J. Hayes Today, 04:00

New job? Wait to claim

Some of how much you earn in Social Security checks is weighed by your earnings history.

If you haven't earned a lot in your working history, and you just got a better-paying job, it would make sense to continue to build up your benefits.

Currently, the maximum taxable wage is $142,800 in 2021, but that will be boosted to $147,000 next year.

Once your earnings exceed that wage cap, you don't get taxed on it for Social Security.

Also, many employers have been boosting wages in efforts to lure workers in the past year or so.

Waiting to claim social security might be a good opportunity to improve your earnings history.
H. J. Hayes Today, 03:30

When is next year's COLA determined?

The 5.9% increase for 2022 was determined on October 13, 2021.

The next COLA increase for 2023 will be determined in October 2022.
H. J. Hayes Today, 03:00

Why are SSI payments increasing?

Each year, the agency typically issues a cost-of-living adjustment (COLA) to reflect the gradual increase in prices, known as inflation.

The cost-of-living adjustment helps to offset these costs.

The COLA is calculated based on third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

When the CPI-W drops or remains unchanged, Social Security recipients are generally not given a COLA.

But in October, the SSA said it will increase the COLA to 5.9%.

It represents the largest increase since the 1980s.

H. J. Hayes Today, 02:30

Why is social security running out?

The Social Security Administration doesn't collect enough taxes to cover what it pays out to claimants.

If trust funds are depleted without reform, the funding is expected to only be enough to pay 76% of what the benefits are now.

If this were to happen in 2022, then the average pensioner could find their checks reduced to about $1,259 per month.

And that would make things even tougher for seniors who keep losing their purchasing dollar.

To offset the decreasing power in Social Security benefits, there are a few things you can do to boost your checks at any age.

That includes waiting for your full retirement age, or until 70 for a larger benefit, working at least 35 years and increasing your income.
H. J. Hayes Today, 02:00

SSDI also gets COLA boost

The 5.9% COLA increase also applies to Social Security Disability Insurance (SSDI).

In fact, the average monthly benefit for disabled workers will go up by $76 – from $1,282 to $1,358 a month.

SSDI aims to provide relief for those with disabilities who can no longer work, or at the same capacity as once before.

The benefit aims to replace a portion of the qualifying worker's salary.
H. J. Hayes Today, 01:30

How do Social Security benefits work?

Social Security helps retired workers but it also pays benefits to widows, widowers, and children – benefiting more than 64million people in total.

When you work, you pay into Social Security.

The money you pay in taxes isn't held in a personal account for you to use when you get benefits.

The Social Security Administration (SSA) uses your taxes to pay people who are getting benefits right now.

Any unused money goes to the Social Security trust fund that pays monthly benefits to you and your family when you start receiving retirement benefits.
H. J. Hayes Today, 01:00

Issues with COLA raise, continued

The funds are running out because the Social Security Administration doesn't collect enough taxes to cover what it pays out to claimants.

If trust funds are depleted without reform, the funding is expected to only be enough to pay 76 percent of what the benefits are now.

If this were to happen in 2022, then the average pensioner could find their checks reduced to about $1,259 per month.

And that would make things even tougher for seniors who keep losing their purchasing dollar.
H. J. Hayes Today, 00:30

Issues with COLA raise

The trust that funds Social Security benefits could run out of cash a year earlier due to the COLA increase.

The Committee for a Responsible Federal Budget has projected that this could happen in 2032 following the hike, reports Fox Business.

It comes after officials recently estimated that funding will run out in 2033 – a year earlier than previously predicted.
H. J. Hayes Today, 00:00

Are Medicare costs and COLA aligned?

The Congressional Research Service projects Medicare Part B premiums will spike from $148.50 to $157.70 per month.

According to the Senior Citizens League, healthcare costs and housing costs have gotten 145 percent and 118 percent more expensive, while COLA's have increased Social Security checks by just 55 percent since 2000.

H. J. Hayes 17th Dec 2021, 23:30

Inflation takes its toll

Inflation has become much worse in recent months, with Americans looking to return to normal life.

The latest data on inflation from the Bureau of Labor shows that consumer prices rose 5.4 percent in the year to September – a troubling trend for seniors relying on Social Security checks.

Typically, inflation triggers when the supply doesn't meet the demand – resulting in rising prices across the economy.

Everything in necessities from food to gas has gotten much more expensive.
H. J. Hayes 17th Dec 2021, 23:00

Inflation triggers impact social security, continued

According to the Senior Citizens League, healthcare costs and housing costs have gotten 145 percent and 118 percent more expensive, while COLA's have increased Social Security checks by just 55 percent since 2000.

Social Security claimants have lost 32 percent of their purchasing power, according to the study by the non-partisan group.
H. J. Hayes 17th Dec 2021, 22:30

Inflation triggers impact social security

Typically, inflation triggers when the supply doesn't meet the demand – resulting in rising prices across the economy.

Everything in necessities from food to gas has gotten much more expensive.

Furthermore, the Congressional Research Service projects Medicare Part B premiums will spike from $148.50 to $157.70 per month.
H. J. Hayes 17th Dec 2021, 22:00

How much extra will I get?

Depending on how much you typically receive per month in benefits, you'll see a slight change.

For example, retirees who receive $1,565 per month will now get $1,657 in benefits, according to the Social Security Administration.

For a retired couple who are both receiving benefits, the average monthly check will increase from $2,599 to $2,753 in the new year.

If you don't receive the average, simply add 5.9 percent to your current monthly check to estimate how much you'll receive.
H. J. Hayes 17th Dec 2021, 21:30

Retirement benefits

The age you begin receiving your retirement benefit affects how much your monthly benefits will be.

You can begin getting Social Security retirement benefits as early as age 62, but it will reduce your benefits by as much as 30% below what you would get if you waited to retire until your full retirement age.

If you wait until your full retirement age (66 for most people), you will get your full benefit.

You also can wait until age 70 to start your benefits. The SSA will increase your benefit because you earned "delayed retirement credits."

The retirement benefits are then paid out until you die.
H. J. Hayes 17th Dec 2021, 21:00

Spousal benefits

If you have not worked or do not have enough Social Security credits to qualify for your own Social Security benefits, you may be able to receive spouse's benefits.

The spouse of a retired worker can receive up to half of their spouse's benefits.

To qualify for spouse's benefits, you must be either at least 62 years of age or any age and caring for a child entitled to receive benefits on your spouse's record and who is younger than age 16 or disabled.

If you choose to begin receiving spouse's benefits before you reach full retirement age, your benefit amount will be permanently reduced.

The spousal benefit continues until one spouse dies, after which the survivor may be eligible for survivor benefits.

H. J. Hayes 17th Dec 2021, 20:30

Disability benefits

Social Security Disability Insurance (SSDI) program pays benefits to you and your family if you worked long enough and recently enough.

Plus, you must have paid Social Security taxes on your earnings before becoming disabled.

You must meet certain requirements defined by the SSA, including a disability that has lasted or is expected to last at least one year or result in death.

The benefit is for life unless the SSA feels you no longer qualify.
H. J. Hayes 17th Dec 2021, 20:00

Benefits for children

A child with a disability age 18 or older may get Social Security benefits when a parent gets retirement or disability benefits.

The child's disability must have begun before age 22.

Dependent child benefits begin when a retired worker's benefits start. They end when the child turns 18.

The disabled person may qualify for continuing benefits as an adult who is unable to work.

Benefits paid for your child will not decrease your retirement benefits.

The child may also get benefits if a parent dies.
H. J. Hayes 17th Dec 2021, 19:30

Survivor benefits

When you die, members of your family could be eligible for benefits based on your earnings.

You and your children also may be able to get benefits if your deceased spouse or former spouse worked long enough under Social Security.

A widow or widower can receive benefits if they are age 60 or older.

They can start receiving your benefits if they are age 50 or older and disabled.

They can also receive your benefits at any age if they are caring for a child of the deceased who is younger than 16 and disabled.

Also, a one-time payment of $255 can be made only to a spouse or child if they meet certain requirements.

Survivors must apply for this payment within two years of the date of death.
H. J. Hayes 17th Dec 2021, 19:00
How to get a replacement social security card

If you lose your card, you may not need a replacement one as simply knowing the social security number is enough in many cases.

However, if you'd like a replacement card, you can order it online via your social security account in most states.

The exceptions are Alaska, Minnesota, Nevada, New Hampshire, Oklahoma and West Virginia.

You can generally apply for a replacement card online in other states if the below applies:
- Are a US citizen age 18 or older with a US mailing address
- Are not requesting a name change or any other change to your card
- Have a driver's license or state-issued identification card from one of the many participating states or the District of Columbia
If you need help, you can contact the Social Security Administration (SSA) by calling 1-800-772-1213 or by visiting your local social security office.