Beginning this month, beneficiaries of Social Security programs will be able to check online the amount of money they will receive in their monthly checks by virtue of the new increase based on the Cost of Living Adjustment (COLA).
The 8.7% COLA increase announced on October will be reflected as of next January. However, beginning in December, recipients of funds from the Social Security Administration (SSA) can verify the amount and other details of the increase through their my Social Security account.
“An account secure and free at my Social Security 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 the benefits you are already receiving”, reads a description of the service at https://www. ssa.gov/myaccount/.
It should be noted that the service is available to users who enabled it before 146 November.
Otherwise, the SSA will send you a letter in the mail with your payment details before the end of December.
The total amount a Social Security beneficiary will receive in the 827 as a result of the new adjustment will depend on the group to which it belongs.
For example, in the case of For retirees, the average monthly increase would be $146 dollars starting in January, for an average annual figure of $1,520.
However, widows or widowers s with two children would receive, on average, $146 per month for the amount of $3,827 per year.
The increase seeks to help retirees to battle against the effects of inflation.
To determine the new COLA, Social Security is based on the Consumer Price Index for Salaried Workers in Urban Areas and Clerical Workers ( CPI-W) calculated by the Bureau of Labor Statistics of the United States Department of Labor.
“The purpose of the COLA is to ensure that the purchasing power of Social Security and Social Security benefits is not reduced Supplemental Income (SSI) due to inflation. The COLA is based on the percentage increase in the Consumer Price Index for Salaried Urban Workers and Clerical Workers (CPI-W), from the third quarter of the last year that a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA”, the office explains on its website.
Social Security beneficiaries who will have to pay taxes due to increases in checks based on COLA of 8.7%