The Social Security Administration has issued the schedule of Social Security payments for 2022. The 5.9% cost-of-living adjustment (COLA) will be included in these payments for the first time, Yahoo News posted.
Social Security Payouts Increase
This year, millions of senior Americans will receive more money. The cost-of-living adjustment (COLA), which takes effect this month, will increase monthly Social Security payments according to The US Sun report.
The highest COLA’s increase since 1982 and the monthly payout will thus increase from $1,565 to $1,657 per month for the workers. As you may be aware, the salary increase is linked to the United States consumer price index (inflation) increase. Occupational Health and Safety Administration (Occupational Health and Safety Administration), according to Marca.
When to Receive Benefits
The Senior Citizens League’s Social Security and Medicare policy expert, Mary Johnson, said they would continue to face this enormous difficulty as costs rise faster than the COLA. Retirees, as well as anyone on a fixed income, should be mindful that the 5.9% increase may appear to be larger than we’ve ever seen. However, once they review their household budget, they will discover that it will not be sufficient to cover all of the rising costs.
On the third Wednesday of the month, everybody born between January 11 and 20 will be eligible for benefits. On the fourth Wednesday of the month, anyone who has their birthday between the 21st and the 31st can also receive remuneration.
Most Common Mistakes in Claiming Retirement Benefits
According to Laurence Kotlikoff, an economics professor at Boston University, Social Security is the nation’s largest retirement asset, yet many people are unsure how it works.
Most people make the most common mistake of claiming their retirement before age 70; when their monthly payouts reach their maximum, they should declare the benefit.
Kotlikoff employs uncompromising economics, years of study, and sophisticated computation to find readers, regardless of age or situation.