What payments are influenced by COLA?
There are three programs run by the Social Security administration that are impacted by the COLA each year.
Along with Social Security, the adjustment boosts yearly benefits for SSI and SSDI claimants.
In 2022, the average SSI benefit is $621 per month, while the maximum for an individual is $841, according to the SSA.
Eligible couples can receive up to $1,261 per month.
Meanwhile, it’s a little more complex for SSDI.
The benefit amount will depend on the age you became disabled, your employment history (including the average amount of income you once earned), and your period of eligibility.