WASHINGTON — The Social Security Administration announced Wednesday that recipients will receive a nearly 6 percent increase in benefits next year.

Rising inflation contributed to the Social Security Administration determining that the cost-of-living increase, or COLA, will be 5.9 percent for 2022.

Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000 from $142,800,” the Social Security Administration announced Wednesday