Next year’s Cost of Living Adjustments (COLA) have just been published by Social Security and as predicted by many it’s a huge leap to the tune of a 5.9% increase.
In real terms that means that the full amount of SSI that an individual can receive has gone up from $794 in 2021 to a rather more handsome $841 a month. A married couple on SSI will now receive up to $1,261 a month, an increase of $70 on this year’s limit. Of course, there’s no increase in the countable resource limits and they are moored at $2,000 and $3,000 respectively.
Along with the adjusted monthly benefit amount there have been, as is commonly the case, increases in the Trial Work Period (TWP) and Substantial Gainful Activity (SGA) thresholds. For the TWP the magic number is now $970; the SGA has gone up to $1,350 for the non-blind, while those who are blind will be dealing with an SGA figure of $2,260.
There have been increases all across the board and those who have taken early retirement can now earn $1,630 a month before they lose any of their monthly check; those in their full retirement year can earn as much $4,330 a month before a single dollar is taken back by SSA.
So, all in all, some good news for the coming year! For a full look at the new facts and figures you can go here: 2022 Social Security Changes – COLA Fact Sheet (ssa.gov)