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COLA Updates: New $1,657 Checks To Be Sent In 8 Days From January 12

The Social Security beneficiaries will receive a massive hike in the monthly wages after the 5.9% increase in COLA benefits. The growth results from a record rise in inflation at the end of 2021. The beneficiaries will start to receive monthly checks from January.

COLA Updates: Check When Can You Expect The Increased Payments After COLA Hike.

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The US Sun reports that the dates of payments will be based on the birthdays of the individuals. The beneficiaries born between the 1st and 10th of January will receive payments within eight days from January 12. The individuals born on later dates will receive payments on other days of this month.

The COLA Increase Is Highest In Last Four Decades

The COLA increase is highest in the last forty years, since 1982. The beneficiaries will receive an increase of $92 in their monthly payments. The retirees will now get $1,657 per month, compared to the earlier $1,565. The US Department of Labor Statistics reports that the Consumer Price Index has risen to record highs recently. A married couple will receive an increase of $154 in the monthly benefits. The monthly payments of couples will increase from $2,599 to $2,753. The disabled citizens will also receive 5.9% in their Social Security Disability Insurance (SSDI).

Disability And Spouse Benefits Are Also Available

Disabled children older than 18 are also eligible for the Social Security benefits when their parents receive the benefits. The age limit for the disability of children is 22. The start time for the disability benefits is the same as the adult benefits. A disabled adult is also eligible to receive monthly benefits. The spouses of retirees qualify for 50% of the amount. The individuals need to be 62 years old and the parent of a child to be eligible for the spouse benefits. The Social Security benefits are applicable for the spouse who is a parent to a child below 16 or with a disability.

The individuals who apply for the spouse benefits before hitting the Full Retirement Age will incur a massive loss as their monthly benefits will reduce for the rest of their lives. The individuals need to fulfill specific criteria to be eligible for the SSDI benefits. The citizens who have worked for more extended periods and have retried recently are more likely to qualify.

 

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