in

Social Security: Did you have an unexpected deposit in 2022? Here's why

Social Security: Did you have an unexpected deposit in 2022? Here's why

For all seniors collecting Social Security benefits, you will receive a larger sum of money in the next checks.

The Social Security Administration said that the cost-of-living adjustment will be 5.9% during 2022.

COLA increment in checks help beneficiaries to keep up with inflation costs.

However, in 2022 Social Security users will see the largest increase in 40 years.

What happens with a larger cost-of-living adjustment?

More than 70 million Americans will receive a substantial expansion in their Social Security checks.

Americans on Supplemental Security Income, or SSI, saw an increase during the last days of December.

Around 64 million citizens getting Social Security benefits began receiving a greater sum in their checks at the beginning of January.

According to numbers, the cost-of-living adjustment will add an average of $92 to the retirement benefit check to establish a total of $1,565 a month.

“The cost of living adjustment is an automatic adjustment every year and is one of the most valuable features of Social Security,” said Nancy Altman, president of Social Security Work.

“Retirees, anybody living on a fixed income, need to be aware that the 5.9% may look like a bigger increase than we’ve ever gotten. But once they go through their household budget, they will realize it still won’t pay for all the increasing bills,” said Mary Johnson, Social Security, and Medicare policy analyst at the Senior Citizens League,

What are the before and after the estimated amounts of monthly Social Security benefits?

Aged couple, both receiving benefits – $2,599.00 $2,753.00

Aged widow(er) alone – $1,467.00 $1,553.00

All disabled workers – $1,282.00 $1,358.00

All retired workers – $1,565.00 $1,657.00

Disabled worker, spouse, and one or more children – $2,250.00 $2,383.00

A widowed mother and two children – $3,009.00 $3,187.0

Read Full Story At: Marca

Now everyone can make their own ‘Vampire: The Masquerade’ game

Now everyone can make their own ‘Vampire: The Masquerade’ game

Stormers will miss Deon Fourie's fire and fortitude