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Tuesday, January 31, 2023

Stimulus Check: COLA Rate Increases In 2022

For years, Social Security recipients have grumbled about insufficient annual cost-of-living adjustments or COLAs. This year senior folks will receive a stimulus check. Millions of Social Security recipients in the United States received a check of $1,657 on January 19, with those who were born between the 11th and 20th seeing their checks land on the third Wednesday of each month. There will be no fourth round of stimulus checks.

Stimulus Checks Will Improve The Quality Of Life For Elders

In addition to the upcoming Stimulus Checks, there will also be a boost of $821 for Supplemental Security Income (SSI) recipients. These claimants were able to get two checks in December thanks to the new cost-of-living adjustment (COLA) and the holidays, while another is set to arrive on February 1.

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As the Social Security Administration explains, the monthly maximum for SSI has increased from $794 per month in 2021 for an individual to a monthly amount of $841 in 2022.

This impacts a lot of people in the USA, with an SSA report in July finding that more than 7.8 million Americans receive SSI benefits

Seniors will receive a 5.9% COLA in 2022, the largest rise 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.

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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.

Divorced pensioners and their ex-spouses are also entitled to supplementary benefits. If your ex-spouse is entitled to retirement benefits, the SSA will pay that sum first.

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