Monthly Social Security and Supplemental Security Income (SSI) benefits will increase a whopping 5.9 percent in 2022, compared with last year’s 1.3 percent and 2020’s 1.6 percent increases in the cost-of-living adjustment (COLA). It will be the largest COLA increase in four decades.
The monthly SSI federal benefit rate for an individual will go up $47, from $794 to $841, compared to last year’s $11 increase. The monthly rate for a couple increases $70 to $1,261. Unfortunately, the SSI resource limits remain unchanged at $2,000 and $3,000, respectively, for individuals and couples. The New York State supplement (SSP) will continue at $87 for individuals and $104 for couples living alone; the living with others supplements remain at $23 and $46, respectively. We will post the 2022 New York State SSI benefit chart when it becomes available.
With this COLA, other of SSA’s benchmarks will also see some increases. The Substantial Gainful Activity (SGA) threshold for Non-Blind has increased from $1,310 to $1,350 per month. The SGA level for blind workers goes to $2,260. The Trial Work Period (TWP) threshold will increase to $970 per month (from $940). The quarter of coverage amount has increased to $1,510. The maximum taxable earnings for OASDI (old-age, survivors and disability insurance) purposes will increase to $147,000/year in 2022.
Each year, the Centers for Medicare & Medicaid Services (CMS) set the following year’s Part B premium. Specific information about 2022 Medicare changes will be available at www.medicare.gov.
These changes will go into effect in January 2022. See SSA’s Fact Sheet on 2022 Social Security Changes.