Rise for Social Security Beneficiaries Not All It Sought to be for Seniors | News, Sports, Jobs
Social Security recipients are screaming and screaming with news that they will receive an almost 6% increase in benefits in 2022.
It’s the biggest “to augment” in 30 years.
Of course, there is a downside: the increase is due to the highest inflation this country has seen in quite some time.
Food products of all kinds.
The cost of many everyday items is on the rise and consumers are feeling it.
But let’s focus on the cost of living adjustment or COLA that millions of Americans will receive.
The COLA, as it’s commonly known, is an additional $ 92 per month for the average retired worker, according to Social Security Administration estimates.
This is a sudden break from a long lull in inflation that has seen cost-of-living adjustments averaging only 1.65% per year over the past 10 years.
With the increase, the estimated average Social Security payment for a retired worker will be $ 1,657 per month next year. The benefits for a typical couple would increase from $ 154 to $ 2,753 per month.
Keep in mind that about half of the elderly live in households where Social Security provides at least 50% of their income, and a quarter depend on their monthly payment for all or almost all of their income.
Social Security was created to promote the economic security of eligible Americans.
The program works by using taxes paid into a trust fund by workers to provide benefits to eligible individuals.
This is an “eligibility program, but working people help themselves in retirement by having contributed to it, while others who are unable to work due to illness, disability, maternity or accidents at work can receive benefits.
For the working class, the more you contribute, the more benefits you can receive (up to a limit).
It should be so.