A 5.9 percent cost-of-living adjustment (COLA) is effective beginning January 1, 2022. The average monthly Social Security benefit is $1,657 (vs $1,543 in 2021) for a retired worker. The average monthly benefit is $1,358 (vs $1,282 in 2021) for a disabled worker.
Social security tax applies on wage and salary income up to $147,000. Workers receive a work credit for $1,510 of wage and salary income each quarter. They may earn four work credits each calendar year.
These changes are included in the 2022 fact sheet at: