On October 13, 2021, the Social Security Administration announced the largest cost-of-living increase in 40 years. The annual Social Security and Supplemental Security Income (SSI) cost-of-living adjustment will increase payments to approximately 70 Million Americas by approximately 5.9%. This increase helps ensure that social security income keeps pace with the cost-of-living, as determined by the Department of Labor’s Bureau of Labor Statistics.
Recipients will begin to see their benefit increases on December 30, 2021 for Supplemental Security Income and in January 2022 for those on Social Security. Prior to the increases, recipients will be mailed a notice of the increase to their particular benefits. Recipients with a my Social Security account will be able to see the increase on line by logging into their account.
The Social Security Administration cautions those who receive both Social Security and Medicare that it will not be able to calculate new benefit amount until after the Medicare premiums are announced in 2022.
For more information on this cost-of-living adjustment or how it may affect eligibility for other government benefits such as Medicaid, contact our office at your earliest convenience for a consultation.