Social Security Benefits to See 5.9% Increase in 2022

The Social Security Administration (SSA) has announced that recipients of Social Security benefits will see a 5.9% increase in benefits in 2022. This represents the largest increase in Social Security  since at least 2008. This increase in benefits will affect retirees collecting Social Security retirement benefits, as well as people collecting disability benefits through Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).

Continue reading “Social Security Benefits to See 5.9% Increase in 2022”

What is the Cost of Living Adjustment (COLA)?

People who gain benefits through the Social Security Administration (SSA) may have heard before of the Cost of Living Adjustment, also known as COLA. The COLA has a significant impact on the amount of money that people with Social Security benefits receive, including those who get disability benefits. But what exactly is it, and how does it impact recipients of benefits like Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)? Continue reading “What is the Cost of Living Adjustment (COLA)?”

Social Security, COLA and You

People who count on benefits from the Social Security Administration (SSA) for survival, including people on Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), tend to pay close attention to how their benefits change from year to year. And yet, many SSDI and SSI recipients are unaware of the Cost-of-Living Adjustment (COLA), and how it affects their benefits. So, what is the COLA, and how does it impact you? Continue reading “Social Security, COLA and You”