Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022.
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. (Note: some people receive both Social Security and SSI benefits)
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000.
The earnings limit for workers who are younger than “full” retirement age will increase to $19,560. (We deduct $1 from benefits for each $2 earned over $19,560.)
The earnings limit for people reaching their “full” retirement age in 2022 will increase to $51,960. (We deduct $1 from benefits for each $3 earned over $51,960 until the month the worker turns “full” retirement age.)
There is no limit on earnings for workers who are “full” retirement age or older for the entire year.