ROCHESTER, N.Y. (WROC) — Social security is going up in 2022 for some 70 million recipients, about $92 on average per month.
In January a 5.9% cost of living adjustment is due to take effect for social security recipients. The increase says David Penrose with Benefits Representatives of America, is tied to the consumer price index.
“For most people, there’s going to be some increase in their Social Security benefits,” says Penrose.
A big player in this, inflation. Penrose says the increase is more of a correction to reflect the economic environment.
“Even though we are having these increases in Social Security benefits, we also have to deal with inflation,” he says.
Peter Siracuse, also with the Benefits Representatives of America, told News 8 this is the largest Social Security increase since 1982.
“So you may, you know, get a 5.9 percent increase, inflation might be over that. We don’t exactly know how that’s going to end up,” says Siracuse.
Joseph Stelling with AARP New York, says however you cut it, for so many, this is going to be real money. “We know that at least one in four older New Yorkers relies on Social Security for at least 90 percent of their income,” he says.
But he says Medicare Part B beneficiaries will be paying a bit more. “That amount hasn’t been determined yet, but this increase is likely above and beyond what that’s going to be,” he says.
For average taxpayers still in the workforce, Penrose says don’t expect to be paying more into Social Security. “The only people really affected are the higher wage earners,” he says.
And in case you’re wondering there’s no need to do anything, you’ll see the increase coming into your checks some in December and others in January.
The Social Security Administration said in part Wednesday the following via a press release:
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000 from $142,800. Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount. Information about Medicare changes for 2022, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2022 are announced. Final 2022 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center. The Social Security Act provides for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.