How To Estimate Your New Monthly SSI Payment for 2022

After the Social Security Administration announced a record-high cost-of-living adjustment for 2022, many beneficiaries are now asking, “How much bigger will my monthly checks be?” People who receive Social Security or SSI benefits will get a 5.9% boost to their payments next year, the highest increase since 1982. The last time the COLA was this large was back in 2009, when it was 5.8%. More than 64 million Social Security beneficiaries are slated to see bigger checks in January. The same also goes for about 8 million SSI recipients. The annual adjustments are based on inflation. So bigger monthly checks mean that consumer prices have also gone up. Consequently, the extra cash may not go as far as people would have expected. The average monthly retirement benefit will go up by $92 to $1,657 in 2022 from $1,565 in 2021. But the size of that increase will vary by beneficiary based on your current status.

However, there is one thing that will offset how large those checks will be: Medicare Part B premiums. Those payments toward Medicare Part B are often deducted directly from beneficiaries’ monthly checks. However, not everyone has Medicare Part B coverage, particularly if they are still covered under an employer health plan or if they have not yet reached the Medicare eligibility age of 65 years old. The standard Medicare Part B premium is projected to be $158.50 per month, up from $148.50 this year. However, the rates for next year have not been officially announced. According to Joe Elsasser, founder and president of Covisum, a Social Security claiming software company, if you are not covered by Medicare Part B, you can multiply your monthly benefit amount by 1.059 to approximate your payment for next year. However, if you are covered by Medicare Part B, subtracting $10 from that calculation could bring you pretty close to what your monthly payment for 2022 could be.

However, there is one caveat. People with incomes above certain levels will end up having to pay more for Medicare Part B coverage. This is what’s known as the Income-Related Monthly Adjustment Amount, or IRMAA.A new table for Medicare Part B premiums for 2022 has also not yet been released. However, this year’s IRMAA rates will likely be reasonably close. Both Social Security and SSI beneficiaries will be notified by mail in December as to what their benefit payments will be next year. That information will also be available online through personal My Social Security accounts. New benefit amounts for 2022 will not be calculated for those covered by Medicare until after the premiums for next year are announced. Now if you’re curious and you want to stay up-to-date on the latest Medicare changes for 2022, those will be available at Heading over to, we can also see exactly how much the IRMAA will affect our monthly benefit amounts.

As I discussed earlier, the standard Part B premium amount in 2021 is $148.50. And while it may be true that most people pay the standard Part B premium amount, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount AND the Income Related Monthly Adjustment Amount, which is essentially just an extra charge added on top of your premium.

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