Stimulus Check: The COLA rate will increase in 2022

Social Security beneficiaries have been complaining about inadequate yearly cost-of-living increases, or COLAs, for years. Seniors will get a stimulus check this year. On January 19, millions of Social Security beneficiaries in the United States got a $1,657 payment, with those born between January 11 and January 20 receiving their benefits on the third Wednesday of each month. The fourth set of stimulation checks will not be carried out.

Stimulus Checks Will Improve The Quality Of Life For Elders

Supplemental Security Income (SSI) beneficiaries will get an additional $821 in addition to the forthcoming Stimulus Checks. Due to the new cost-of-living adjustment (COLA) and the holidays, these claimants received two checks in December, with another due to come on February 1.

According to the Social Security Administration, the monthly limit for SSI has risen from $794 per month for an individual in 2021 to $841 per month in 2022.

This affects a large number of individuals in the United States, with the Social Security Administration reporting in July that more than 7.8 million Americans get SSI payments.

Also Read: Fourth Stimulus Check Update: Recurring Payments Urged By Lawmakers Could Fail

Since January 13, payments of the Social Security COLA Stimulus Check have been made. Beneficiaries have started mobilizing to tackle the harm caused by the COVID-19 epidemic.

Supplementary payments are also available to divorced retirees and their ex-spouses. If your ex-spouse is eligible for retirement benefits, the Social Security Administration (SSA) will pay that amount first.

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