The final Social Security payments for January are due this week, and because to a higher COLA, they’ll be worth an average of $1,657.
COLA (cost-of-living adjustment) imposes Social Security benefits for 2022, as inflation has risen. In the current report of U.S Sun, the COLA increase of 5.9% determines using data from the CPI-W which tracks price changes for common goods and services.
Beneficiaries will receive an average monthly rise of $92, raising their monthly benefit to $1,657 from $1,565. According to the U.S Sun report, this is the highest increase in Social Security benefits in 40 years, and beneficiaries should forget a letter explaining the new COLA increase by now.
The goal is to prevent inflation from eroding the purchasing power of Social Security and Supplemental Security Income (SSI) benefits. The COLA calculates using the percentage rise in the CPI-W. There can be no cola if there is no rise.
Automatic Checks Update
In the recent report of U.S Sun, it states that people should not worry if they don’t receive your check. The recipients of Social Security are paid according to the month and day of their birth. Also, the new Social Security benefits begin to distribute on the second Wednesday of each month to anyone with a birthday between January 1 to October 10.
In January 2022, Social Security Administration highlighted the 5.9% cost-of-living adjustment implemented for more than 64 million Social Security pensioners. On December 30, 2021, nearly 8 million SSI recipients will increase payouts.
As previously stated, any cola adjustment is based on changes in the consumer price index for wage averages. Prices are based on national averages rather than regional averages.