Latest News

Insight from the Social Security Administration on 2022 preparation

Written on Dec 9, 2021

By Jessica Salerno, OSCPA senior content manager  

 As 2021 winds down, experts from the Social Security Administration encourage CPAs and their clients to understand their benefits for 2022. 

Man smiling for camera.“We are encouraging individuals to look at their Social Security statement, the ‘My Social Security’ portal, review their work history and then also just go through the website itself,” said Robert Fenn, the Public Affairs Specialist at the Social Security Administration in Akron.  

Fenn and Brandon Smith, Public Affairs Specialist at the Social Security Administration in Cleveland, asked CPAs to make sure their clients understand their benefits going into the next year, as it’s unique to the individual and might not be similar to what they have heard from friends or family. 
 
 Understanding updates such as the recent cost-of-living adjustment to benefits is just one part of the process. 

“For people that are receiving Social Security, they should see that 5.9% cost of living adjustment to their benefits that are paid in the month of January,” Smith said.  

The COLA increases are based on the consumer price index from the third quarter of the last year from the Bureau of Labor Statistics. Smith said this recent adjustment is the largest increase in decades.  

While digging into this information might seem intimidating, Fenn and Smith said eligible individuals should do their own research, reach out to the Social Security administration with questions and talk to their CPA. 

“There is a wealth of information on our website regarding retirement benefits, spousal benefits, widows’ benefits, Medicare, the enrollment time periods and how to enroll,” Fenn said.