In the next few days, millions of Americans will find themselves among the fortunate recipients of a generous $1,657 Social Security payment. A check for a more considerable sum than the one they received in 2021 is expected to be issued to the beneficiaries.
Remember that the beneficiaries’ payments will be received by the month of birth. Beneficiaries of this service must consider the time it takes to receive the stimulus funds and the payment plan that will be announced in the future months.
Social Security Income
According to Marca, in addition to the impending payments, recipients of Supplemental Security Income (SSI) will see a rise of $821 in their monthly benefit amount. In December, these claimants received two checks, one for the new cost of living adjustment (COLA) and one for vacation, with another check arriving on February 1.
As per the Social Security Administration, the monthly SSI limit for a single individual went from $794 per month in 2021 to $841 per month in 2022, representing a 12% increase.
This affects a large number of people in the United States, as shown by a July study from the Social Security Administration, which found that more than 7.8 million Americans get SSI benefits.
Social Security Eligibility
As reported by Dallas News, the amount of money that people under the full retirement age can earn and still receive all of their Social Security checks is limited for those receiving Social Security retirement or survivors benefits but who are still working and earning the benefits.
It also stated that the earnings threshold is increased during the year in which a person achieves full retirement age. This higher earnings level applies from the beginning of the year until the month in which the person passes Full Retirement Age (FRA).
COLA 2022 payments are sent out on the second Wednesday of every month unless otherwise specified. Despite this, those born at the beginning, middle, and end of the month can seek the stimulus starting on the second Wednesday of each month.
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