Millions of Americans will receive increased Social Security COLA checks in the next two days, according to the Social Security Administration. Checks will be mailed out on January 26th to those who were born on or after January 21st and who qualify.
The Social Security COLA payments will be made in three installments this year. There has been an average increase of $92, for a total increase of $1,657, in the cost of living adjustment checks. Previously, the average check amount was $1,565, which was considered high.
The next check, which will be issued on February 9, will be the one following this one. This check is intended for seniors who were born between the first and tenth of the month in question.
The payment will be mailed out on Wednesday, February 16, to those who were born between the 11th and the 20th of the month. Keep in mind that if you don’t receive your payment on the scheduled day, you should wait a few more days before getting in touch with the company to inquire.
If you haven’t received your social security check three postal days after it was due to arrive, you should contact the Social Security Administration for further assistance.
As previously stated, the average social security payment will be $1,657 per month, but the maximum payment is significantly higher than that. This year, the maximum amount of money that can be awarded to a single individual is $4,194.
These figures are the result of a COLA (cost of living adjustment) increase that was implemented at the beginning of the calendar year. All Social Security recipients should have received a letter in the mail outlining the COLA increase by this point in time.
It was necessary to have worked for at least 35 years in order to get the full amount of social security benefits. In addition to that, you must have earned six-figure salaries throughout your professional life. Finally, you should try to put off filing your social security claim as long as possible. The amount you receive increases in proportion to the length of time you wait.
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Because of inflation, Social Security benefits are increasing for everyone.
Of course, there are different kinds of social security benefits available. Retirement, disability, and survivor benefits are all available to people. In addition, there are benefits from the Supplemental Security Income (SSI) program.
SSI payments are available to those in the United States who do not earn enough money on their own. Seniors are eligible for both Supplemental Security Income (SSI) and Social Security benefits. The maximum amount of money that can be received through SSI benefits has increased from $794 to $841.
According to the Sun, inflation and the rising cost of living have resulted in an increase in all types of benefits this fiscal year. The increase in the Consumer Price Index (CPI) for 2022 is a whopping 5.9 percent, which is the largest increase in benefits in nearly 40 years.
In comparison, the Consumer Price Index (CPI) climbed by only 1.3 percent last year. Benefits increased by about the same amount in 2009 when the Consumer Price Index (CPI) increased by 5.8 percent.
Following that, the adjustment rate was set to zero. Some people are concerned that, despite the fact that benefits have increased significantly, the payments will still fall short of keeping up with inflation.