HOUSEHOLDS can expect more money in 2022 when it comes to collecting social security benefits.
The Social Security Administration will increase its cost of living adjustment (COLA) to 5.9% from January.
This increase will affect both Social Security recipients and people who receive Supplementary Security Income (SSI).
How much will I receive in addition to social security?
The average monthly retirement benefit will increase by $ 92 in 2022. That will bring it to about $ 1,657 per month.
For a retired couple who are both receiving benefits, the average monthly check will drop from $ 2,599 to $ 2,753 in the new year.
If you don’t receive the average, just add 5.9% to your current monthly check to estimate how much you will receive.
Social security applicants are generally informed by mail from the beginning of December of the new amount of their benefits.
Most people who receive Social Security payments will also be able to view their COLA reviews online.
âAnyone who is currently receiving a benefit should take a look at their benefit and imagine what an increase of about 5.9% will do to that level of benefit,â said Stephen Goss, Chief Actuary of Social Administration during a webinar hosted by the Biparty Policy Center.
The COLA for 2022 is the biggest increase since 1982.
More than 64 million Americans on Social Security are expected to see larger checks in January. About 8 million ISS beneficiaries will also benefit from an increase.
How much will I receive if I am a widow or disabled?
The amount you receive in Social Security benefits will depend on your status, but various groups will also see more money per month.
For example, a widowed mother of two received about $ 3,009 per month in 2021.
After the cost of living adjustment, she will now receive $ 3,187 in 2022.
A person who has lost their spouse and lives alone with no dependent children will see a monthly check for $ 1,553. That’s against $ 1,467 in 2021.
A disabled worker, a spouse or one or more children will see their benefits increase to $ 2,383 per month from $ 2,250 in 2021.
All disabled workers without dependents will receive a monthly check of $ 1,358, compared to $ 1,282.
What can affect the new amount of benefits?
If you are covered by Medicare Part B, this will offset the increase.
Medicare has not announced official rates for 2022, but it is estimated that monthly premiums will increase by about $ 10 to $ 158.50 per month for the plan.
In addition, people with incomes above certain levels will pay more for Medicare Part B coverage. This is called the monthly income adjustment amount.
New benefit amounts for 2022 won’t be calculated for people covered by Medicare until after the release of next year’s premiums.
We explain why COLA might not be ideal for many older people.
We are also rounding off other price increases that could wipe out the increase in payments.
In addition, we reveal four ways in which a new Social Security bill would change benefits.
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