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Home » Valentine's Day » Social Security getting a boost in January bringing some payments to $1,600

Social Security getting a boost in January bringing some payments to $1,600

64 million Americans that collect Social Security are in for a surprise next year as the latest COLA increase boosts their monthly payments.

The first checks in January will be the first ones to have the 5.9% increase in them, the highest since 1982.

Inflation has gone up higher than the COLA increase given to recipients, beating it out at 6.2%.

Related: Americans continue to call on President Joe Biden for another stimulus check

Retired beneficiaries collect on average $1,562.66 and will see their payment go up to $1,654.65.

The average increase is about $92.

Over 70% of claimants are retired Americans, but spouses and children get benefits they’ll see increase as well.

Related: Will those who receive Social Security benefits be getting a fourth stimulus check?

Americans collecting Supplemental Security Income will see an increase of 5.9% as well.

Their payments will increase $34 dollars and go from $587 to $621 in January.

Data from the Senior Citizens League in Aug. stated that one out of five seniors had to visit a food pantry or apply for food stamps to keep up with inflation.

Related: Here is when you can expect Social Security payments each month in 2022

Social Security has risen by 55% in the last two decades, but doesn’t match the 118% increase in housing costs over the same period of time.

Healthcare costs have also risen to 140%.

People have Tweeted their struggles on not being able to afford Thanksgiving, but it does not look like a federal stimulus check is coming anytime before the new year.

Categories: News