January is nearly halfway through, and 2022 has begun. Indeed, the cost of living adjustment is the highest in the United States of America for the last 40 years – sitting at 5.9%. As such, according to an article from Go Banking entitled: “Which Social Security Recipients Will Get an Extra $200 in January?” the new COLA adjustment has been applied to current Social Security payments in January – and some people have already had their payments reach their bank-accounts.
With such a drastic increase in the cost of living adjustment as a result of the COVID-19 pandemic and soaring inflation of 6.2% – you might be wondering if you are eligible for a $200 increase in your Social Security benefits or payments this year. If so read on!
How To Increase Benefits
Even though it is quite understandable that the amount of social security benefits you are eligible for relies on a few certain factors such as how much you are earning, how old you are, and how long you have been working for – there is a certain group of beneficiaries of social security income who will be eligible for a $200 increase in their social security benefits as mentioned earlier.
The criteria for eligibility for this increase in social security income or benefits as a result of the record high COLA adjustment is that firstly you must be receiving at least $3,389 security income a month or a maximum income of 3,898 in 2021 if you have retired at the age of 70, that is according to this article from News Break.
Who’s Eligible for $200 More?
Next, we need to look at the maximum benefit to see how much your benefit will increase this year. The maximum benefit calculated by social security depends on your income and the age that you retired. For example, if you retired at the age of 62, your maximum social security benefit for 2022 will be $2,364, up from $2,324 last year. However, if you retired at the age of 70 – your maximum social security benefit in January 2022 would be, according to News Break, $4,194 – this is up from $3,895 per month last year – an increase of over $200!