The Social Security Administration announced today a 5.9 percent cost-of-living adjustment (COLA) that will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. This is is the largest COLA increase since 1982!
Additional increases include, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000 from $142,800. Substantial Gainful Activity for non-blind individuals will increase from $1310 per month to $1350.
For more information regarding how the COLA is calculated click here.