On October 13, 2021, the Social Security Administration (SSA) announced that in 2022 benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000.
The cost-of-living adjustment (COLA) for Social Security benefits is calculated under a formula found in the Social Security Act. To learn more about how the COLA is calculated see here.
According to the announcement, Social Security and Supplemental Security Income (SSI) beneficiaries will receive notice of their new benefit amount (“COLA notice”) in early December 2021.
When it becomes available, Social Security and SSI beneficiaries can view their COLA notice online through their personal my Social Security account. Individuals may create or access a my Social Security account online here.
To continue your research on FICA tax, see FTC 2d/FIN ¶ H-4545.
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