![]() ![]() For the next 20 years, recipients only saw their benefits increase if Congress approved it. A second increase was made in September 1952 through legislation. Beneficiaries received their first COLA adjustment in October 1950. While COLA adjustments are now automatic, this was not always the case. Annually, the SSA compares the CPI-W for the third quarter of the previous year and current year to determine the COLA increase. The increases are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is the official measure of the monthly price change in goods and services. How COLA Increases Evolved Over TimeĮach year, the SSA announces any increases to Social Security benefits, known as COLA, to help recipients keep up with rising prices. SSA will notify those who receive Social Security benefits and SSI about their new benefit amounts by mail and online (through their my Social Security account) starting in December. About 3 million Americans who receive both Social Security and SSI benefits will also benefit from these changes. The average 2021 monthly benefit for SSI is $794 per month and is expected to increase to $8, an increase of $47. For disabled workers who receive Social Security benefits, they can expect an average increase of $76 per month. A 5.9% increase will raise the average benefit to about $1,657, which is about $100 a month. The 2021 average monthly benefit for all retired workers was $1,565. ![]() 30, 2021.īut how much is the new monthly benefit for the average American? And will the bigger payments combat the effects of inflation on household goods and health care? How Much Are My 2022 Social Security Payments? Americans who receive SSI benefits will see theirs increase a little earlier, starting on Dec. This raise will kick in for 62 million Americans who receive Social Security benefits in January 2022. In October, the Social Security Administration (SSA) announced a 5.9% cost-of-living adjustment (COLA) for Social Security benefits, the biggest increase since 1982.
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