Seniors and others receiving Social Security checks will soon see a 5.9% increase in their monthly payments , this would be the largest annual increase since 1982. However, experts warn that this increase may not be enough to counteract the rapid rise in inflation.
In addition to that, it should be noted that seniors will pay more for their Medicare coverage in 2022, which will also ‘eat up’ part of their increased Social Security benefits.
The average beneficiary will receive $93 additional dollars per month, which means that the typical monthly check will increase to $1,658 dollars in January when it was previously $1,565.
The spouse of a retired worker will see an increase of approximately $47 dollars, which will raise average monthly benefits from $794 to $841, including the COLA adjustment of 5.9%.
Workers disabled will get an increase of $75 on average, going from $1,283 per month at $1,358, as reported on CBS.
The cost of living adjustment – also known as COLA – came into effect with the December benefits, but will be paid this January. Payment dates are determined by the recipient’s date of birth:
– People born from day 1 to 10 of the month, will receive their COLA-adjusted checks on January 12th.
– People born from the day 11 to 20 of the month you will receive their checks on January 19th.
– And those born after the day 20 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 like food and gasoline, and older people grappled with the highest inflation seen in four decades throughout all of 2021.