Seniors who collect Social Security want an extra $200 with their monthly benefits as they fear the 5.9% COLA increase isn’t enough.
The 5.9% increase is the largest increase in almost 40 years.
The Social Security Administration announced the COLA increase in Oct. 2021, but it didn’t go in effect until Jan. 2022.
At this point, inflation has increased well beyond that 5.9% COLA increase that recipients are seeing for the first time this month.
Average checks will rise from $1,565 in 2021 to $1,657 in 2022.
Married couples average checks will rise from $2,599 to $2,753 each month.
Americans have voiced their frustrations on Twitter, feeling that the increase is not enough to live off of.
The cost of living increase is such a joke. Because they raise the price of Medicare premium to $170 it negated everything but a dollar. So my benefit only went up $1 like that is really going to help me pay my bills and my rent just went up $25 in Nov. Joke!
— Wendy Bayer Castaldo (@WendyCastaldo1) January 5, 2022
Related: Medicare increases will impact low earners
The government wants people to think they did a great thing by giving a 5.9% increase, but they fail to inform people that our Medicare premium increased substantially compared to recent years.
— Shelmo (@ShellyMo4) January 1, 2022
And the biggest increase ever to Medicare premium. Eating away a good chunk of that 5.9% increase. For a drug that is extremely controversial. Once again the elderly and disabled are left holding an empty bag. Shameful
— Peg Manley (@ManleyPeg) January 1, 2022
Related: SSI payment dates each month in 2022
SSDI received COLA increase as well
Any collecting SSDI will see the 5.9% in their monthly checks as well.
The average check will rise from $1,282 to $1,358.
SSDI is for individuals who have disabilities that no longer allow them to work or hinder the capacity at which they can work.
Social Security payments are sent on the second, third, and fourth Wednesday of every month depending on what day a recipient’s birthday is.
COLA notices detailing personal accounts and increases were mailed in Dec. of 2021.
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