The maximum monthly COLA Social Security benefit for this year is $4,194, with the average benefit being $1,657. The Social Security Administration makes payments on the 2nd, 3rd, and 4th Wednesdays of each month.
How To Raise Your SS Benefit Amount Each Month
To earn retirees a $1,400 stimulus check, the Senior Citizens League started an online plea in August 2021. Over 100,000 people have signed it.
The Senior Citizens League’s Shannon Benton told The Sun that they had collected numerous emails from people who were struggling to make ends meet.
The hefty cost of living adjustments, for many, just made their financial problems worse by causing their income to rise above program thresholds to be eligible for medicare savings programs and other assistance.
Projected 8.7% COLA for 2023 pic.twitter.com/OX30edBXsE
— maryhelen (@FFaxhdr) September 15, 2022
Although you can begin claiming at age 62, delaying your claim is frequently advantageous. If a person is 66 years old at full retirement, they can receive the additional amount.
You receive your entire monthly benefit at age 66. As a result of delaying benefits for a year, you receive 108 % of the monthly amount at age 67. As a result of delaying payments for 48 months, you receive 132 % of the monthly amount at age 70.
Even if you put off taking Social Security benefits past the age of 70, your monthly income stops growing.
Do you know someone who is receiving #SSI? They may be eligible for a discount with their internet service and connected devices. Please share this with your family and friends: https://t.co/Nmzg5hKCrG
— Social Security (@SocialSecurity) September 13, 2022
Adverse Effects Of An Elevated COLA
37 % of individuals said they will need assistance in 2021 due to their poor income. It is more than twice as many people as the 16% who were receiving it before the outbreak.
These results imply that a much higher proportion of persons on fixed incomes have turned to various supplemental programs as a result of the epidemic and inflation.
Benefit increases aren’t always appreciated because some of them may cause people to earn too much money to qualify for other assistance programs.
According to research conducted by The Senior Citizens League between May and July, 14% of participants saw their low-income support cut as a result of their COLA.
When the COLA increased their income above the permitted threshold, another 6% of people had their participation in one or even more programs terminated reports The US Sun.