SOCIAL Security claimants will begin to see larger checks this month to their greatest benefit since the 1980s.
The payments will be the first social security payments consisting of 5.9 percent Cost of living (COLA) was announced earlier this year.
This number adjusts for inflationary, which has increased 5.4% since September due to high consumer demand.
COLA is calculated based on data from the Consumer Price Index for urban salaried and clerical workers (CPI-W), which measures changes in the cost of goods and services popular.
The change in inflation means retired workers can expect an average gain of $92, bringing their monthly benefit from $1,565 to $1,657.
More, maximum social security benefits in 2022 would be $4,194.
And max amount of income subject to Social Security taxes will increase from $142,800 to $147,000.
Recipient has a date of birth falls in the middle of 1st and 10order of their birth month may be entitled to the monthly benefit on the second Wednesday of every month.
This means that some seniors will receive their first adjusted monthly check on January 12.
People born in the middle of the month, from the 11th to the 20th, will receive their money on January 19th.
And those born on the 20th and on can expect a check on January 26th.
Throughout the year, payments will be sent on the Mondays, Tuesdays, and Wednesdays of each month.
Average monthly payment for couples will increase from $2,599 to $2,753 – a jump to $154.
Employees with disabilities will see their checks increase to $1,358 a month from $1,252.
About eight million Supplemental Security Income recipients received the increased payment around December 30 of last year with roaming funds due to be released this month.
Social Security recipients should have received a letter explaining the new COLA increase.
If Americans do not receive their payment by the expected date, they should wait an additional three days in the mail before contacting the Social Security Administration.
The 5.9% increase is the largest COLA increase in nearly 40 years, but comes after inflation previously rose at 6.8% between November 2020 and November 2021.
Mary Johnson, Social Security and Medicare policy analyst for the Senior Citizens League, warned clients that their cash flow could stay the same.
“We’re still going to have this huge problem with prices rising faster than COLA,” she said CBS News.
“So retirees, anyone living on a fixed income, should be aware that 5.9% may look like a bigger increase than we’ve ever gotten.
“But once they go through the household budget, they realize that it still won’t be able to pay all the growing bills.”
Johnson added that inflation is expected to continue rising into 2022.
https://www.the-sun.com/money/4425047/social-security-checks-getting-bigger/ Social Security checks are getting bigger