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Social Security Benefits: Know How Much The Beneficiaries Will Receive In 2022

The continuous rise in inflation has forced the Social Security Administration to enhance the COLA benefits. Social Security beneficiaries will receive a 5.9% hike in the COLA benefits in 2022. The increase is the highest in the past four decades. SSA aims to secure the retirees’ finances as the prices of common goods and everyday services break previous barriers.

Social Security Benefits: Know How Much The Beneficiaries Will Receive In 2022

Yahoo Finance/screenshot

Yahoo Finance reports that the present inflation rate is around 6%, and the COLA increase is insignificant to cover the daily expenses. The COLA Increase in the recent past has been about 1.5%.

Monthly Payments Will Increase In 2022

Social Security beneficiaries will be saddened to note that the hike will not help them raise their living standards. The retirees’ monthly payments will increase by $92, from $1565 to $1,657. The annual increase for the retirees will be around $1,200.

Retirees have a constant source of income, and despite the wage increase, they are likely to face endless difficulties in managing their finances. The retired couple will witness a growth of $2,753 in their annual income. A single or widow mother will get $3,187, while a widow or widower with no children is eligible for $1,553.

The Social Security Administration also offers disability benefits to physically impaired workers. Eligible workers and their spouses having one or more children will receive $2,383, while single disabled individuals will get $1,358.

The Social Security benefits depend upon various parameters, including the working years, marriage, and list of dependents. The beneficiaries can check with the SSA officials or visit the official page to get more details. Each individual should have the mySocialSecurity account to get updates on eligibility and the amount.

Retirees Should Avail Benefits At A Suitable Age

The citizens need to choose the time of application wisely. The retirees can delay the post-retirement payments to maximize them. The minimum age to apply for Social Security is 62.

However, the retirees will receive very little compared to those who started receiving at a later age. Retirees can delay their application till 70 to receive the maximum monthly amount. However, the beneficiaries should consider the age of applying based on their circumstances.

 

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