Thanks to the Social Security COLA increase of 5.9%, Americans will see checks worth $1,657 and $251 every month.
This is the largest increase since 1982, but the cost of goods and services has only risen since it was announced.
Average Social Security recipients will see a boost worth $92, bringing their average monthly income to $1,657 each month.
Social Security impacts around 70 million Americans.
Americans with disabilities collect benefits.
How does COLA impact Social Security?
Every year using the consumer price index the Social Security Administration evaluates increasing monthly benefits.
This is to help anyone receiving benefits keep their purchasing power in a climate of inflation.
In 2021 the increase was just 1.3%.
While this may seem exciting, it’s important to realize that the cost of Medicare Part B’s premium will rise from $148.50 in 2021 to $170.10 in 2022.
Increases for minimum wage
Despite this, many cities and states have chosen to increase their own minimum wages.
74 states, cities and counties have decided in boost what they pay their residents.
Arizona boosted hourly minimum wage from $12.15 in 2021 to $12.80 in 2022.
Colorado residents will see a rise from $12.32 to $12.56.
Belmont, California plans to boost their hourly minimum wages from $15.90 to $16.20.
Under President Joe Biden, federal contractors will see a boost to $15 per hour.
Those receiving food stamp SNAP benefits saw a permanent increase in Oct. of 2021.
The average monthly SNAP benefit was worth around $240 per person each month, and is now up to $251.
A review into what Americans receive was required by the 2018 Farm Bill.