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Extra $200 in January payment available to Social Security recipients after COLA increase in 2022

Some Social Security recipients will have an extra AN$200 this month, thanks to a 2022 cost of living adjusted increase.

Starting January 12, COLA payments will be 5.9% larger in 2022 than in 2021.

Some Social Security recipients will get an extra $200 in their monthly payments thanks to the 2022 COLA increase

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Some Social Security recipients will get an extra $200 in their monthly payments thanks to the 2022 COLA increaseCredit: Getty

The $92 increase for retirees is the most significant COLA increase since 1982.

The increase took effect January 1 as inflation continued to hit record highs across the country amid a supply chain crisis.

Spouses of retired workers will receive an additional $47, receiving average payments from $794 to $841.

Employees with disabilities will pocket an extra $75 on average when their checks grow to $1,358 a month from $1,253.

Meanwhile, a small group will get an extra $200 or more per month on their benefits check.

For a 5.9% increase to lead to an additional $200 per month benefit, recipients must receive at least $3,389 per month in 2021.

The maximum benefit for someone who retires at age 70 in 2021 is $3,895.

Full benefits depend on the age at which you retire.

Read ours COLA’s Live Blog for the latest news and updates…

If you retire at 67, which is full retirement age, in January 2022, your maximum benefit will be $3,345.

If you retire at age 62 in 2022, your maximum benefit will be $2,364, according to Social Security Administration.

If you retire at age 70 in 2022, your maximum benefit will be $4,194.

The SSA also certifies that the maximum earnings amount is subject to Social Security Taxes will increase this month.

This figure will increase from $142,800 to $147,000, after the average salary increases.

WHEN WILL YOUR TEST COMES?

To make sure Payment went smoothly, the Payment will be sent in three installments depending on the recipient’s date of birth.

Anyone born between the 1st and 10th of their birth month receives Social Security benefits on January 12th.

Recipients born anywhere between the 11th of the month of birth and the 20th of the month will receive their payments on the third Wednesday of the month – January 19.

Finally, individuals born on the 21st of the month or later will receive their benefits on the fourth Wednesday of the month. This month is January 26.

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https://www.the-sun.com/money/4463342/january-payment-available-social-security-recipients/ Extra $200 in January payment available to Social Security recipients after COLA increase in 2022

DevanCole

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