Millions of Americans who collect Social Security benefits are excited to receiving larger checks starting next month.
The cost of living adjustment, or COLA, was boosted by 5.9% for 2022, the largest increase in almost 40 years.
This increase will be seen in recipients Jan. checks.
Related: Here are 3 ways to make sure you get the most out of Social Security when it’s time to claim benefits
The large boost was due to the rise in inflation reaching 5.7% over the span of Nov. 2020 through Nov. 2021.
While the boost is aimed to help seniors struggling on a fixed income, it may end up harming those who are also on SNAP benefits.
SNAP benefits are food stamps for low income individuals or families, but they need to meet a certain income in order to qualify.
This means if a senior has a boost push them over the income level, they may be considered ineligible for SNAP benefits because they make too much.
The COLA increase for seniors
The average monthly payment is set to increase by about $92.
The average check in 2021 was $1,565 and will jump to about $1,657.
What you receive is based on numerous factors, including how much you earned during your working years.
What are SNAP eligibility requirements?
SNAP benefits are given to low income Americans on an electronic benefits card so they can purchase nutritional food at accepting retailers.
In order to qualify, everyone’s income in the household applying is taken into account.
Their resources are counted too, which includes assets and cash or money in the bank.
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