10/18/2021
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). A higher cost-of-living happens when inflation increases and the CPI-W rises. In other words, prices for goods and services are a little more expensive, so the cost-of-living adjustment (COLA) helps to offset these costs.
Read more about this and other updates from SSA here: https://blog.ssa.gov/social-security-benefits-increase-in-2022/