There is one last Social Security check going out to customers in 2021 next month.
Soon after in 2022, customers will begin to see their checks with the COLA increase.
The cost of goods and services has now reached a peak of 6.3% for the year. Unfortunately, seniors have been getting the same amount of money while prices steadily, and quickly, climbed.
Related: Social Security getting a boost in January bringing some payments to $1,600
This has forced seniors to have to use food pantries or get food stamps when they did not before.
Since 2000 there has been an overall increase of 55% for Social Security benefits, a 118% increase for housing, and a 145% increase for healthcare. Overall, the raises for COLA are not closing the gap.
This year with consumer prices rising 6.3%, COLA only rose 5.9% for 2022.
Related: Will those who receive Social Security benefits be getting a fourth stimulus check?
Will checks be bigger for December?
Many are wondering if the last check will be bigger to offset these dramatic costs, but the answer is no.
The increase in COLA is not applicable until 2022.
The average payment for beneficiaries is $1,562.66 per month, and when the new year comes the new average monthly payment will be $1,654.85.
Related: Here is when you can expect Social Security payments each month in 2022
There are 12 checks sent per year on a monthly basis. Checks are sent in batches on the last three Wednesdays depending on which day of the month your birthday falls on.
People that get checks include retired workers, spouses of retired workers, children of retired workers, children of deceased workers, widowed parents, non-disabled widowers, disabled widowers, and parents of deceased workers.
COLA will also apply to those who collect SSI. This will bring the average monthly check up to $621 from $587.
Related: Here are 5 ways to help save for retirement
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