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Beneficiaries of Social Security benefits will receive a raise next year. Social Security and Supplemental Security Income benefits are set for their biggest increase since the 1980s, according to a Announcement from the Social Security Administration. Approximately 70 million Americans will see an increase, starting with approximately 8 million SSI recipients in December. 30 of 2021 and the rest in January 2022.
This cost of living adjustment, or COLA, will increase retiree payments by up to 5.9%. Beneficiaries who qualify for the maximum amount will receive about $ 92 more per month or $ 1,657 more per year. Rising inflation and its impact on the price of consumer goods in the US are driving the increase, which is considerably higher than the average annual increase of 1.6% over the past 10 years. The cost of goods and services has rose 5.4% since last September, according to the Consumer Price Index from the U.S. Bureau of Labor Statistics.
Social Security and SSI recipients should receive a letter in December detailing their new benefit amount. Most beneficiaries should be able to verify the status of their specific COLA through their Social security account.