Looking to boost your social security benefits? Here’s how!
The average retiree collects around $1,500 in Social Security benefits per month. This can range up or down depending on lifetime earnings, and importantly, when you decide to start taking benefits.
Inflation has thrown a wrench into Social Security benefits and how much they cover for the average American.
Read more: Despite High Inflation Rates, Social Security Benefit Gets Biggest Boost in 40 Years
Prices are up a whopping 6% overall in just the past 12 months alone. To put that into perspective: Inflation remained near zero for the better part of the last decade, and in less than a year, prices surged in almost every major category.
In particular, grocery prices — a sector that greatly affects senior citizens living on fixed incomes — have surged upwards of 12% in some categories.
Read more: Social Security: Here’s How You Can Claim Bigger Stimulus Payments
To alleviate this, next year’s cost-of-living adjustment will be 5.9% — the largest COLA in over 40 years. If you, like millions of Americans, find yourself still needing more, here are some tried-and-true strategies to get you a significant boost in your income.
You may be able to receive SSI if you are single and have resources worth less than $2,000, or you are married and have resources worth less than $3,000.
Read more: When Social Security Payments are not taxed in the USA?
Resources are things you own, such as:
- Cash
- Bank accounts
- Stocks
- U.S. savings bonds
- Land
- Life insurance
- Personal property
- Vehicles
- Anything else you own that could be converted to cash and used for food or shelter
Online applications are not available online for those who are 65 and older.
If you are 65 or over and would like to apply to see if you can receive SSI, you will need to call (800) 772-1213 to make an appointment to file your application.
If you are deaf or hard of hearing, you can call the SSA at TTY (800) 325-0778.
Read more: Here’s How Spouses Can Get Maximum Social Security Benefits?
The SSA will then review your application and your resources, and mail a decision to you in the mail.
Once you have applied, you can call the SSA at (800) 772-1213 or, for TTY, (800) 325-0778, from 8:00 a.m. to 7:00 p.m., Monday through Friday to check the status of the application.
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