Those Receiving Social Security Benefits Will be Receiving 5.9% Boost Beginning Soon

Those receiving Social Security Benefits, are about to see the largest increase in their checks in almost 40 years.

Beneficiaries are slated to receive a 5.9% increase, with the cost-of-living adjustment translating to an increase of around $92 a month for most retired workers – bringing the average benefit to $1,657 per month.

The easiest way to calculate your benefit is by taking your current monthly payment, then multiplying it by 5.9%; afterwards add that amount to the original payment and you will see the increase that will be reflected in your check.

Waiting for the next shoe to drop?  Well, it it goes:  Medicare Part B premiums will be increasing from $140.50 to $170.10 each month – and yes that increase of $29.60 per month will be taken directly from your Social Security check so whatever increase is added to your existing benefits, you’ll have to deduct $29.60 to get the final amount.

This year’s benefit is a substantial boost over the 1.3% retirees saw in 2021, and that increase is determined by using the Consumer Price Index for Urban Wage Earners & Clerical Workers based on data through the third quarter.

Now, exactly when will new payments start? 

According to GoBankingRates.com – if your birthday is on the 1st through 10th of the month your benefits will be paid on the second Wednesday of the month; for January this means those benefits will be paid on the 12th; for those whose birth dates are on the 11th through the 20th of the month, benefits will be paid on the third Wednesday of each month starting on January 19th (2022); for those with birth dates on the 21st through the 31st of the month benefits will be paid on the fourth Wednesday of each month, so January’s payments will be made on the 26th.

(AL.COM/www.al.com)

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