I wanted to share with you guys some quick helpful tips that will allow you to find out early, exactly how much money you will be paid in Social Security benefits next year. With just one month away, those collecting Social Security benefits can expect some changes to their payments. With the COLA adjustment increased by 5.9%, these payments will also be increased accordingly. The average increase for single beneficiaries will be about $92.Checks on average will go from $1,565 to $1,657 per month.
Recipients can expect letters from the Social Security Administration this month detailing the changes for their own situation. Those collecting survivor’s benefits, disability, and SSI can expect a letter as well. Now if you don’t want to wait for the letter, there is a way to find out sooner. To do this, you need to access the message center online in your Social Security account. You can also set it up so you get notifications on your phone when there’s an email or message for you to check.
However, if you do not have an account, unfortunately the deadline has already passed to get the COLA notice through your online account. Those people will need to wait for their letter through regular mail in order to see their new payment. Even still, you may also simply calculate it yourself by taking your current payment amount and applying the 5.9% increase. The changes will be seen in your first check for 2022 this January. So pretty straight forward information. Either expect a letter in the mail soon, check your mySocialSecurity account online, or simply do the calculation yourself.