Social Security checks with the COLA increase are set to go out in days, and some people can expect an increase worth hundreds.
The COLA increase was 5.9% due to the inflation caused by COVID-19.
The average increase for individuals will be around $92.
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.
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.
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.