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Social Security: Millions see $1,116 annual increase

COLA is now in full effect, and millions of Americans in programs under the Social Security Administration are seeing bigger benefits.

social security card with cash and government check to represent social security payments

The COLA increase was 5.9% more per month and started Jan. 1, 2022.

Rapidly rising inflation caused the SSA to raise the COLA higher than normal.

Since Sept., inflation has gone up 5.4%.

Social Security: How to get the max $4,194 benefit

The average payment in 2021 was $1,565, and in 2022 it will be around $1,657.

Couples can expect their average checks to rise from $2,599 to $2,753 every month.

Other changes to Social Security in 2022

The maximum earnings to be taxed for Social Security rose from $142,800 to $147,000 in 2022.

SSDI: Disability payments worth up to $1,261

SSDI recipients will see an average increase of $76 per month.

The first payments will go out today, Jan. 11, for anyone with birthdays between the 1st and 10th of any given month.

While the amount you get will go up this year, what you get overall is determined by different factors.

Retirement: Stop dipping into retirement funds early

This includes what you made in wages during your working years and the age you chose to retire.

Recipients were sent letters in Dec. detailing the changes they would see specifically for themselves.

Checks will go out on the second, third, and fourth Wednesday of each month.

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