$1657-$2753 Per Month Social Security COLA 2022 Checks Coming This Month!

Payments this year will be 5.9 percent larger than in 2021 following the largest cost-of-living adjustment in just under 40 years, representing a rise of $92 for retirees. The COLA increase is tied to the consumer price index increase as determined by the US Department of Labor Statistics. The rise in payments means a retired worker will now see, on average, their monthly check increase from $1,565 to $1,657 a month. Meanwhile, a typical couple’s benefits will rise by $154 from $2,599 to $2,753 per month.

In other news, disabled Americans will also see their Social Security Disability Insurance (or SSDI) monthly benefits payments rise by 5.9%. The average monthly benefit for disabled workers will go up by $76 from $1,282 to $1,358 a month. For those of you who aren’t aware, SSDI aims to provide relief for those with disabilities who can no longer work, or at the same capacity as once before. The benefit aims to replace a portion of the qualifying worker’s salary. Now alongside the COLA raise, the Social Security Administration also confirmed that the maximum amount of earnings subject to Social Security tax will increase in January. This will go up from $142,800 to $147,000, which comes following an increase in average wages.

This essentially means that workers on high salaries will be paying tax on a larger proportion of their earnings. People on social media are upset that, while Social Security recipients will see a COLA increase, Medicare costs are also going up. On the subject of Medicare cancelling out any rise in benefit payment, one person on Twitter had this to say. “Found out a couple of days ago. That the cost of Medicare will go up about $40 a month in 2022. That pretty much wipes out that COLA increase. And I thought the cost of food and gas was to get it all. Happy 2022 Social Security recipients…”

Keep in mind, for those of you thinking about early retirement, this may impact your COLA payments. Now if you choose to claim benefits before your full retirement age, you may receive less. Waiting until full retirement age, which varies between 66 years and two months to 67 depending on when you were born, will give you a higher monthly payment. Delaying your claim until age 70 will also help you receive maximum benefits.

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