After the 5.9% rise in COLA payments, Social Security claimants will see a significant boost in their monthly earnings. The expansion is due to a record increase in inflation towards the end of 2021. From January forward, the recipients will get monthly checks.
The dates of payouts will be determined by the individuals’ birthdays, according to the US Sun. Beneficiaries born between January 1 and January 10 will get compensation within eight days of the 12th. Individuals born on later dates will be paid on different days this month.
COLA Increase Is At Its Highest In Four Decades
Since 1982, the COLA has increased at the fastest rate in the past forty years. The recipients will see a $92 raise in their monthly benefits. In comparison to $1,565, pensioners would now get $1,657 per month. According to the US Department of Labor Statistics, the Consumer Price Index has lately reached new highs.
The monthly benefits for a married pair will increase by $154. Couples’ monthly payments will rise from $2,599 to $2,753. In addition, handicapped people will get a 5.9% increase in their Social Security Disability Insurance (SSDI).
Benefits for Disabled People and Their Spouses Are Also Available
When their parents get Social Security payments, disabled children over the age of 18 are also eligible. The age restriction for children with disabilities is 22. The disability benefits begin at the same time as the adult benefits. Monthly benefits are also available to handicapped adults.
Retirees’ spouses are eligible for half of the benefit. To be eligible for spouse benefits, persons must be 62 years old and the parents of a child. Social Security payments are available to a spouse who is the parent of a child under the age of 16 or who is disabled.
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Individuals who file for spouse benefits before reaching Full Retirement Age will see a significant reduction in their monthly payments for the rest of their life. Individuals must meet certain requirements in order to be eligible for SSDI compensation. Citizens who have worked for longer periods of time and have recently retired are more likely to qualify.