The Social Security Administration (SSA) is preparing to announce in October one of the largest check increases for its beneficiaries in the 2022 by virtue of the measurement known as Cost of Living Adjustment (COLA).
Some estimates point to a rise in COLA of up to 10%. But the final figure will depend on the calculation of inflation levels between July and September.
From 1981 an increase is not recorded as expected based on the formula.
Specifically, in the 1980, the Social Security Administration (SSA) calculated an increase of 14.3%. This increase applied the following year.
In this 2022, Social Security recipients were credited an increase of 5.9% per COLA.
Although at the moment the specific figure for the increase in monthly checks has not been established, you can already enable an account on the website of the SSA so that once the announcement is made official, you can track the payments and know the amount of money you will receive.
“A free, secure my Social Security account provides personalized tools for everyone, whether you receive benefits or not. You can use your account to request a replacement Social Security card, check the status of an application, estimate future benefits, or manage benefits you are already receiving,” reads a description of the service at https://www. ssa.gov/myaccount/.
To create an account on the website, you must enter an email address and password.
The system will proceed to send you a link to the email to verify the address, and, from there, you must change the “password”.
Next, the system will request an authentication method to log in, among the that are face or touch unlock or text or voice message.
Once this is done, you must approve the terms of service and submit required personal information such as name, Insurance number Social, year of birth, among others.
Then you have to decide if you opt for “segu extra laughter.” The application will proceed to send you a letter by mail with an account activation code that will arrive at the postal address you provided. Arrival will be taken between 15 to 20 days. Once you receive the document, you can complete the activation process by following the instructions in the letter.
Experts estimate that the monthly extra amount in checks would be an average of $159 Dollars; On average, the beneficiaries of this federal program would obtain a minimum of $1 a year,800.
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