Social Security increase: More cash on the way for seniors

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CHARLESTON, W.Va. (WOWK) – Hundreds of thousands of Americans on Social Stability will quickly have far more income in their pockets. Retirees will get a 5.9% improve in advantages for 2022. Which is the best charge-of-residing adjustment in just about 40 decades.

The improve in advantages is because of to inflation. Charges are quite substantial for objects this kind of as food stuff and fuel, and source chain issues go on to drive up the cost of goods.

The cost-of-residing adjustment (or COLA, as it’s generally identified as) quantities to an extra $92 a month for the normal retired worker, according to estimates Wednesday from the Social Security Administration. It can be an abrupt crack from a extended lull in inflation that saw price tag-of-residing adjustments averaging just 1.65% a yr over the previous 10 many years.

With the improve, the approximated common Social Safety payment for a retired employee will be $1,657 a thirty day period future yr. A typical couple’s positive aspects would rise by $154 to $2,753 for each thirty day period.

“Any enable we can supply, specially for those people living on mounted earnings, is so important vital at this instant in time,” said Tom Hunter, Affiliate Point out Director of AARP West Virginia.

Social Protection impacts about 1 in 5 Us residents nationwide, about 70 million people today.

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About 50 % of seniors are living in households where Social Stability gains account for at least 50% of their cash flow, and just one-quarter count on their monthly payment for all or just about all their earnings. For this latter group, the COLA can virtually make a change in what they are ready to set on the desk.

“We urge policymakers to do the job collectively to guarantee the prolonged-phrase solvency and adequacy of social safety transferring forward,” Hunter reported.

Greater payments to SSI beneficiaries will start on Dec. 30, 2021.

The Associated Press contributed to this report.

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