As a result of the 2022 COLA rise, Social Security claimants might get up to $4,194.
Social Security Payment already hits the bank. (Photo: CNET)
First Batch of Social Security Payment
The first round of SSI payments for February will go out to those who need the extra cash. It was estimated that a person retiring at 70 in 2021 would get $3,895, but that number may rise to $4,194 if you retire at 70 in 2022.
64 million people will be affected by this year’s 5.9 percent cost-of-living adjustment (COLA). According to on the recipient’s birth date, the Social Security Administration (SSA) is sending out checks this month in three waves: February 9, 16, and 23. For SSI applicants who received at least $3,389 per month in 2021, an additional $200 payment was made available last month.
Social Security Increase
COLA mailings were sent out by the SSA throughout December 2021, so you’ll know exactly how much you’ll be getting. The messaging center in your Social Security account may also be used to check your new benefit amount online.
Last but not least, if you’re wondering why your payments are rising, the agency normally distributes a COLA to account for inflation, which is a steady rise in costs. These expenditures may be compensated by the COLA. The consumer price index for urban wage earners and clerical workers (CPI-U) is used to determining the third quarter COLA (CPI-W). The SSA announced in October 2021 that it will raise the COLA to 5.9 percent, the highest level since the 1980s.
