Social security recipients will see an increase in their monthly pay. The new sum is $1,657, up from $1,565 before. The increase is due to an increase in the Cost of Living Adjustment (COLA) (COLA).
Inflation has been skyrocketing in the United States over the last few months. This week, Social Security recipients will get $821 in Supplemental Security Income (SSI) instalments. In December of last year, SSI recipients received two payments.
The maximum SSI has risen from $794 in 2021 to $841 this year. Before July 2021, about 7.8 million Americans have applied for SSI.
From January, Retirees Will Be Paid More
Individuals who are qualified for both Social Security and Supplemental Security Income (SSI) can apply for both. More than 70 million retirees will receive the enhanced amount this month, thanks to a 5.9% COLA rise, the largest in four decades. Individuals’ monthly wages are calculated by the Social Security Administration based on their work history and age at the time of application.
The higher amounts will be paid to retirees who apply for Social Security benefits at various ages; beneficiaries will get cheques this month based on their birthdays. Individuals born between the 11th and 20th of each month will receive their checks on the third Wednesday of that month, while those born before the 11th will receive them on the second Wednesday. People born after the 20th of the month will receive their checks on the fourth Wednesday of each month.
Benefits and Taxes for Disabled People Would Also Rise
The COLA 2022 increase benefited disabled people as well. Disabled people’s monthly salaries grew by $76, from $1,282 to $1,358 per month. SSDI has established a number of relief programmes for handicapped workers, as well as monetary assistance on a regular basis. Workers who are unable to work owing to physical incapacity are also beneficiaries. Benefits are provided by the administration in order to recoup a portion of the initial wage.
The rise in monthly benefits is accompanied by an increase in taxes. In 2022, the highest social security tax will be $147,000, up from $142,800 in 2021. Working people who earn a lot of money will be in the high tax bracket. Individuals can file any felony-related complaint with the SSA office. Beneficiaries can contact the office to obtain the necessary information or to request an update.