As of this writing, we are in the middle of January in 2022. COLA (cost-of-living adjustment) payments have already been sent to some Social Security beneficiaries, but many others are still waiting to see whether their benefits will rise or fall.
This article will look at how the most recent cost of living adjustment in the United States of America benefits senior couples and other beneficiaries of Social Security and supplementary income.
The current high inflation rate and how to maximise the benefits acquired will also be discussed.
It’s important to take into account things like the cost-of-living adjustment (COLA), social security benefits, and inflation.
At 5.9 percent — a record high for decades – inflation is at an all-time high and is the highest rate in decades. So, in 2021, an average senior citizen would have received $1,565 in benefits; now, they would get roughly $100 more. In the end, they will get an average salary of $1,657.
In the United States of America, a typical elderly couple relying on social security would get an average monthly income of $3,314, according to News Break.
Supplemental Security Income (SSI) and the Income Exemption Level
From $794 to $841, the average supplementary social income or SSI benefit has increased by $47, which implies that as a single beneficiary of social security payments in the United States of America, you might get roughly $2,500 in benefits this year. $2,491, or $2,491 per person on average would be the overall total.
Because of this, an elderly couple who has reached their maximum benefit age and has not previously received social security benefits may earn on average approximately $5,000 per month in social security payments plus Supplemental Security Income (SSI).
In all, this works up to more than $60,000 in yearly costs. In the United States, where the poverty line is calculated at $12,000 per year, it is possible to enjoy retirement while still dealing with a 6% inflation rate, resulting in a 1% reduction in real income.
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Cost of Living Adjustment, COLA, COVID-19, and Inflation are all words used to characterise the adjustment (COLA).
Remember that although the cost of living adjustment has increased significantly, this is due to two related phenomena, namely the COVID-19 outbreak and growing inflation.
As a consequence, costs have risen significantly and uniformly. The maximum benefit age, which is now 70, is also a good goal to aim for when applying for social security payments.
I really hope you learned anything new from reading this article. If you did, please tell us about it in the comments section below!