Social Security: monthly payments will have an increase of 5.9%

The cost of living adjustment is also known as the COLA.

Foto:
Kevin Dietsch / Getty Images

Seniors and others receiving Social Security checks will soon see a 5.9% increase in their monthly paymentsThis would be the largest annual increase since 1982. However, experts warn that this increase may not be enough to offset the rapid rise in inflation.

In addition to that, it should be noted that older people will pay more for their Medicare coverage in 2022, which will also ‘eat up’ some of their increased Social Security benefits.

The average payee will receive an additional $ 93 per month, which means that the typical monthly check will increase to $ 1,658 in January. when before it was $ 1,565.

The spouse of a retired worker will see an increase of approximately $ 47, raising average monthly benefits from $ 794 to $ 841, including the COLA adjustment of 5.9%.

Disabled workers will get a $ 75 increase on average, going from $ 1,283 per month to $ 1,358, as reported by CBS.

The cost of living adjustment – also known as COLA – went into effect with December benefits, but will be paid this January. Payment dates are determined by the recipient’s date of birth:

–People born on the 1st to the 10th of the month will receive their COLA-adjusted checks on January 12th.

–People born from the 11th to the 20th of the month will receive their checks on January 19th.

–And those born after the 20th of the month will receive their payment on January 26th.

The Social Security Administration mailed notices to all recipients in December to let them know about their COLA increase, but the information can also be found online at the message center in the recipients’ Social Security account.

The COLA increase represents the largest in approximately 40 years, and this is due to the increase in inflation this year.

Each year, Social Security payments are adjusted to reflect changes in the prices of goods such as food and gasoline., and seniors grappled with the highest inflation seen in four decades throughout all of 2021.

You may also like:

– The groups that received the largest wage increases in the United States during the pandemic

– American who bought a Lamborghini with resources from the Payroll Protection Program could face 132 years in prison

– The IRS asks thieves and drug dealers to declare their income illegal

Reference-eldiariony.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *