Social Security Announces 5.9% Benefit Increase for 2022

Bernard Wealth Management |

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9% in 2022. This is a significant increase from the 1.3% adjustment made for 2021, and the largest since a 7.4% increase in the 1980s.

SSA press release

If you would like to see a personalized estimate of your benefits, you can check mySocialSecurity and use the SSA Social Security calculator. Otherwise, the SSA will send out notifications via email and online beginning in December.

If you have questions regarding when to take your Social Security benefits, or any other retirement planning needs, feel free to contact us at 248-556-2900.