![]() ![]() ![]() In 2022, the average monthly benefit for a disabled worker, spouse, and one or two children is estimated to be $2,383 (up from $2,250) and the average payment for all disabled workers is estimated to be $1,358 (up from $1,282). The cost-of-living increase in January 2022 is 5.9%, which is the highest increase since 1982. If there is no increase in the Consumer Price Index, there is no increase in COLA. Inflation rises when CPI-W goes up and prices for goods and services increase. Cost of living is based on the Department of Labor’s Consumer Price Index (CPI-W) and determined by taking the average CPI-W reading from the third quarter of the current year (July – September) and comparing it with the CPI-W of the previous year. The purpose of COLA is to ensure that the purchasing power of Social Security and SSI benefits is not diminished by inflation. This increase will be effective in January 2022 for people receiving Social Security disability income and retirement benefits and on Decemfor those receiving SSI. Changes will affect people with disabilities, their spouses, and their children as well as those receiving Social Security Income (SSI) and retirees. Next year approximately 70 million Americans who receive Social Security benefits will see an increase in their monthly payments. Changes to Medicare premiums and coverage.Retirement earnings test tax exempt amount increases.The amount of earnings needed for Social Security credits increases.Amount of earnings subject to Social Security payroll tax increases.The maximum Social Security monthly retirement benefit increases.Substantial Gainful Activity will increase.Social Security monthly benefits will increase.But some people may end up earning less than what they receive right now because the increase in payments could place them in higher tax brackets.What changes are coming to Social Security in 2022? Next year, Social Security payments will likely rise due to growing inflation rates, analysts said. Based on the current rate, Social Security will be unable to pay out in full by 2035, according to Nexstar Media Wire. Since 1974, the SSI program has provided money to those who qualify in order to give financial relief to those with limited incomes and resources. For 2022, payments are not made in January, May, and October because the first days of those months were on a holiday or a weekend.ĬLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The double payments offset the months in which no payments are sent out to ensure eligible recipients receive 12 payments a year, according to the SSA schedule. ![]() Essential persons, meaning people who live with a person receiving SSI and provide necessary care, will receive two payments of $421 to be paid out on the same days. SOCIAL SECURITY PAYMENT 2022: SECOND HALF OF MONTHLY $1,682 CHECKS TO BE SENT IN JUST WEEKSĮligible couples will have two payments of $1,261 during September. September is one of three months in the year in which there are two SSI payments, with the other two months being April and December. 30, equaling a monthly total of $1,682 after receiving another payment at the beginning of the month, according to the Social Security Administration. Recipients of Supplemental Security Income are set to receive their second of two September payments in 17 days.Įligible recipients can expect their payment of $841 on Sept. ![]()
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