8 million people will see their first check with the new 5.9% COLA increase this week.
In just three days those collecting Social Security and Supplemental Security Income, or SSI, will see a bigger check for Jan. 2022 than they did in 2021.
Due to the first of the month for January being a federal holiday, those collecting SSI will see their January check Dec. 30.
Instead of receiving one check in Dec. and one in Jan., they’ll see two in Dec. and none in Jan.
72 million Americans collect some form of Social Security benefit and can expect larger payments in 2022 thanks to that 5.9% COLA increase.
The COLA was larger this year compared to recent years thanks to the rate of inflation caused in 2021 from the pandemic.
The earnings limit for Social Security taxes on wages was also raised for 2022 to $147,000.
Earnings limits for those under their full retirement age will rise to $19,560 and for those at full retirement age it will rise to $51,960.
What will the COLA increase look like in SSI and SSDI checks?
Those collecting Social Security can expect to see an increase of around $92.
This will bring the monthly average from $1,565 to $1,657 per month.
Married couples collecting benefits can expect an increase of around $154.
Related: The highest amount in Social Security income you can earn for 2022 is over $50,000, but how do you get it?
This will bring their monthly payment from $2,599 to $2,753 per month.
SSDI beneficiaries can expect an increase of around $76, with their monthly payments going from $1,282 to $1,358 per month.
The last rise that was higher than this was 39 years ago.
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