Update on the Cola Social Security increase for 2022 – New ‘1,657 check’ payments will be sent out THIS WEEK in a massive boost
This month, around 70 million Americans will receive increased social security payments worth up to (dollar)1,657.
Checks are 5.9% higher in 2021 due to the new cost-of-living adjustment (Cola).
The increase took effect on January 1 as the country’s inflation continues to hit new highs due to the supply chain crisis.
Since 1982, this is the highest annual increase.
The average monthly check for retired workers will now increase from (dollar)1,565 to (dollar)1,658.
Their spouses will see a (dollar)47 increase in their payments, bringing the average to (dollar)841.
Employees with disabilities will earn an extra (dollar)75 per month as their pay rises from (dollar)1,253 to (dollar)1,358 per month.
For the most up-to-date information, visit our Cola 2022 increase live blog…
If your benefits are not received on time
If you believe your Social Security check has been stolen, contact the Social Security Administration right away.
Call your local SSA office or 1-800-772-1213 (Monday through Friday, 7am – 7pm) if your delay is due to a change in personal information, such as a bank account or address.
If there are any other issues, the Social Security Administration recommends waiting three business days for your check.
You should contact the Social Security Administration (SSA) after that date.
What is causing your payment to be late?
There are several reasons why your payment might be delayed.
The most common reason is that the Social Security Administration (SSA), which is responsible for issuing payments, is experiencing a backlog.
All you have to do now is wait for your check.
Another reason your check may be late is that you recently changed your home address and failed to notify the Social Security Administration.
Furthermore, you must notify the SSA if you recently changed bank accounts, as this may cause your payment to be delayed.
What is the cause of the social security system’s depletion?
Because the Social Security Administration does not collect enough taxes to cover the amount it pays out to claimants, money is running out.
If trust funds are depleted without reform, the funding will only be enough to pay 76% of current benefits.
If this occurs in 2022, the average pensioner’s monthly check will be reduced to approximately (dollar)1,259 per month.
And that would make things even more difficult for seniors who are constantly losing money on purchases.
There are a few things you can do at any age to offset the declining value of your Social Security benefits.
That means working at least until you reach full retirement age, or until you reach 70 for a larger benefit, and waiting until you reach full retirement age, or until you reach 70 for a larger benefit.
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