Is Social Security Giving Out Extra Money That Say About $200

SOME social security recipients are calling for an extra $200 amid fears that the COLA increase will not embrace price rises.

Payments this year are v.9 per centum higher than in 2021 following the largest cost-of-living adjustment in nearly forty years.

Some social security recipients are calling for an extra $200 amid fears that the cost-of-living adjustment increase will not cover price rises — Some social security recipients are calling for an extra $200 amid fears that the price-of-living adjustment increase will not cover cost rises Credit: Getty

The increase came into issue on January ane as inflation continues to reach record highs across the country amid the supply chain crisis.

Retired workers volition now see, on average, their monthly check increment from $i,565 to $1,657 a month.

Meanwhile, a typical couple's benefits will increment past $154 - from $two,599 to $2,753 per month.

Some are wondering if there will exist a $200 increase to the payment, according to Marca. In that location are no plans in place, yet, to make this a reality.

If this were to happen, a recipient's benefit final year would've needed to be $3,389. This exceeded the maximum benefit of $3,895.

Americans took to Twitter to say that they are struggling to comprehend costs despite the rise.

About read in Money

I said: "Ya, I got a whole 30$ heighten that will help with the price of everything ascent lol."

Another commented: "My Social Security just went up (sic) $52 that doesn't fifty-fifty help me pay for my gas bill."

Read our COLA live blog for the very latest news and updates...

Meanwhile, others branded the toll of living increment "a joke".

Some recipients also claim "surging" Medicare costs will "wipe out" their adapted monthly payments.

Those who claim Social Security Disability Insurance (SSDI) volition also benefit from the 5.ix percent Cola increase.

In this instance, the average monthly benefit for disabled workers volition go upward past $76 - from $1,282 to $1,358 a month.

SSDI provides relief to those with disabilities who can no longer work or work at reduced chapters.

The benefit aims to supercede a portion of the qualifying worker's salary.

Anyone whose birthday falls between the 1st and the 10th tin await to get their money on the second Wed of each month.

If your birth appointment is on the 11th-20th, the payment volition be deposited on the 3rd Midweek of each month.

Americans with a birthday that falls between the 21st and the 31st of the month tin look to get their check on the 4th Wednesday of each calendar month.

Yous can detect out your benefit information by going to the SSA's message eye where you will need to create an business relationship if you don't already have i.

The Social Security Assistants (SSA) should've already mailed COLA notices to retirees and disability beneficiaries.

It'due south highly unlikely that a fourth circular of federal stimulus checks will be introduced anytime soon to help starting time inflationary pressures.

And, the future of child tax credit payments remains uncertain, with no checks expected to be sent out to Americans in Jan.

But, officials are because handing families a double stimulus cheque in February.

States such as California are offering financial assistance to cash-strapped residents, with Golden State stimulus payments being mailed to homes until Jan 11.

Paper checks, worth up to $one,100, should arrive 3 weeks later beingness deposited.

How child taxation credit stimulus could be coming to parents in 2022