Check Out What Social Security Benefits You Can Expect in 2022 for Senior Couples!
The year 2022 has begun; we are halfway through the month of January. While some Social Security recipients have already received their January COLA (cost-of-living adjustment) adjusted payments, many others are unsure what the year ahead holds.
This article will examine how the most recent cost of living adjustment figure in the United States of America affects Senior Couples and other Social Security and Supplemental Income recipients. We’ll also look at things like the present high rate of inflation and how to get the most out of your benefits.
Inflation, COLAs, and Social Security
To begin with, the current COLA rate is 5.9%, which is the highest it has been in decades — in fact, 40 years. This means that seniors who earned an average of $1,565 in 2021 will now receive an additional $100. As a result, they will now earn an average of $1,657. According to News Break, the average elderly couple relying on social security in the United States of America will earn around $3,000 each month, or $3,314, on average.
Supplemental Security Income (SSI) and the Maximum Allowable Income (MAI)
The average supplemental social income or SSI benefit has increased by $47 from $794 last year to $841 this year, implying that if you are eligible for both Social Security benefits and SSI payments for the social security administration in the United States of America, you could theoretically receive around $2,500 as a single beneficiary. This value is more precisely $2,491, which is the average.
As a result, a senior couple at their maximum benefit age who has never used social security before can expect to collect around $5,000 per month in social security payments and SSI income on average. This amounts to over $60,000 per year. With the poverty level in the United States of America estimated to be around $12,000 per year, you may be able to enjoy your retirement while still dealing with the 6% inflation rate, which translates to a.1% reduction in actual income.
Inflation, COLA, and COVID-19
To summarise, while there has been a significant increase in the cost-of-living adjustment, this is due to two connected factors: the COVID-19 pandemic and very high inflation. This has resulted in increased and additional costs across the board. Finally, it is recommended that you make every effort to attain the maximum benefit age, which is presently 70, before becoming a social security recipient.