Social Security pay will go up for some next month

  • A new payment of more than $ 1,600 from Social Security will increase considerably starting next January 2022
  • This is the cost of living allowance, known as COLA
  • The federal benefit represents the largest such increase in 39 years

The biggest increase in 39 years! Millions of Social Security beneficiaries will receive a big economic boost starting next January 2022. This is a historic increase of 5.9 percent in the cost of living allowance, better known as the COLA.

The federal benefit, which represents the largest increase of its kind in 39 years, will take effect from January 2022. But how much money are we talking about? According to the newspaper The Sun, the estimated average payment of Social Security or Social Security for a worker who is retired will be $ 1,657 per month as of January.

An average couple will increase their benefits from $ 154 to $ 2,753 a month

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The increase means that the benefits of an average couple would increase from $ 154 to $ 2,753 per month. The COLA includes Social Security recipients, disabled veterans, and federal retirees. This represents about 70 million people in total.

The COLA increase affects those who collect Social Security and Supplemental Security Income (SSI). The latter is designed to help people over 65 who are disabled or have little or no income.

When will the Social Security payment increase go into effect?

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Those who receive Social Security benefits will see the COLA increase in January 2022. However, for those who collect Supplemental Security Income, the increase takes effect this year, December 30, 2021.

But who qualifies? To qualify, eligible individuals cannot have more than $ 2,000 in assets, while couples can have a maximum of $ 3,000 in assets. However, the lower your income, the lower your Social Security benefits.

Highest increase in 39 years

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On average, last October, a retired worker received a payment of about $ 1,562.66, but with the 5.9% increase in the cost of living, he will now receive an approximate $ 1,654.65. This is the highest increase seen in the United States since 1982.

So starting in January, recipients will see an average of $ 92 more in their monthly checks. While the adjustment is helpful, it doesn’t even match the cost increase in the past year, which according to the Bureau of Labor Statistics has been 6.3%.

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