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Social Security: Who gets an extra $200 per month?

Social Security checks with the COLA increase are set to go out in days, and some people can expect an increase worth hundreds.

social security card with cash and check representing social security benefits

The COLA increase was 5.9% due to the inflation caused by COVID-19.

The average increase for individuals will be around $92.

Some people will see a rise worth over $200.

Social Security: Benefits to claiming at age 70

Which Social Security recipients will see over $200?

If you received a benefit worth $2,289 per month in 2021, then you will see an increase worth over $200.

People who get that much in benefits worked a high paying job for 35 years and likely delayed claiming benefits.

Few people see that much in benefits, and the maximum benefit for 2021 was $3,895.

Social Security payments of $1,657 go out in 4 days

Why the COLA increase isn’t making recipients happy

While 5.9% is the highest in almost 40 years, it’s mostly spent with rising Medicare costs and inflation.

Many people feel frustrated that they are only left with anywhere from $20-$50 dollars extra.

The maximum people can collect at their full retirement age in 2022 is $3,345.

Social Security limits and payment amounts for 2022

That’s for not waiting until age 70, which would be more.

That ends up being only $40,140 per year.

The average yearly income for Social Security benefits that most Americans see is just $25,740, right over the poverty line.

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