The Social Security Administration’s (SSA) cost of living adjustment (COLA) statement is typically a must-read for the tens of millions of American senior citizens who rely on Social Security payments every month.
And it was only last autumn that the administration announced that a 5.9% COLA for this year will be implemented, delivering Stimulus Checks to millions of cash-strapped seniors who have suffered greatly throughout the nearly two-year-long epidemic.
Stimulus Check Will Bring Slight Relief To Senior Citizens
Seniors will receive a 5.9% COLA in 2022, the greatest boost in decades, according to a report released in October. As a result of the news, many older individuals in the United States were able to breathe a sigh of relief.
Payments of the Social Security COLA Stimulus Check have been made since January 13. Beneficiaries have begun to mobilize them to combat the COVID-19 outbreak’s devastation.
Despite this good news, it looks that the road ahead will be more difficult. For one thing, it’s been well established that, in the present high-inflationary climate, Social Security benefits have lost a significant amount of purchasing power.
The fact that the Centers for Medicare & Medicaid Services has already announced a 14.5 percent rise in Medicare Part B rates is making matters worse.
The Social Security Administration (SSA) issued COLA Stimulus Check letters to retiree, survivor, and handicapped recipients throughout December. SSI users’ monthly allowance will increase from $794 to roughly $841. They will also receive letters explaining why the trek is taking place.
Supplementary payments are also available to divorced retirees and their ex-spouses. If your ex-spouse is eligible for retirement benefits, the Social Security Administration (SSA) will pay that amount first.