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The next Social Security check will be sent out in 11 days

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  • Millions of people are about to receive a generous check.
  • The first Social Security checks will be sent in 11 days.
  • The cost of living adjustment (COLA) will be reflected in this round of payments.

A FEW DAYS TO GET A NEW CHECK. Social Security beneficiaries can expect the checks for their February payments to be sent in the coming days. These payments are expected to include the new cost of living adjustment (COLA).

This expected increase has been eagerly anticipated. In fact, it was announced that there has not been an increase like this one for 40 years. Therefore, beneficiaries will be able to see the the increased payments reflected in their bank accounts in the coming days. In addition, the authorities announced that around five million people will receive a Social Security check.

THE CHECK IS COMING SOON

new check
Photo: Shutterstock

The Social Security Administration (SSA) announced that COLA beneficiaries should not have much longer to wait to receive their generous checks. They also announced that the increase that was announced since the beginning of the year will be reflected in the payment. According to the authorities, the first automatic checks would be seen in people’s accounts in 11 days.

The money being sent to millions of Americans is a response to the latest figures showing that inflation is now 7 percent and is expected to rise even more in the coming months, The Sun noted. In the coming months, all beneficiaries should see their larger checks.

February Social Security Check: The expected increase?

February Social Security Check: The expected increase?
Photo: Shutterstock

The COLA increase guarantees that in the coming months more than 70 million Americans will receive a 5.9 percent increase in their Social Security payments. In addition, it was announced that this increase will be seen in February’s checks.

“Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022,” the SSA announced on its official website. The Social Security Administration announced this increase on January 1st and gave hope to many Americans. Filed Under: February Social Security Check

February Social Security Check

February Social Security Check: For 40 years?
Photo: Shutterstock

According to The Sun, the announced COLA increase is the largest in around 40 years, and it means that checks will see an average increase of $92, from $1,565 to $1,657. On December 30, the new increase was announced, but for some people it hasn’t shown up until this round of checks.

«The increase in payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021. (Note: some people receive Social Security and SSI benefits),» Social Security reported through the official statement it shared with the beneficiaries on its official page. Filed Under: February Social Security Check

A considerable increase for families with children?

February Social Security Check: A considerable increase for families with children?
Photo: Shutterstock

Families who receive this support get more money if they have young children since they can automatically obtain monthly Supplemental Security Income (SSI) payments for an average value of $687 dollars, The Sun announced. Remember that this check is designed for older adults and children with disabilities.

“The earnings limit for people reaching their “full” retirement age in 2022 will increase to $51,960. (We deduct $1 from benefits for each $3 earned over $51,960 until the month the worker turns “full” retirement age.),” the SSA website noted. Filed Under: February Social Security Check

What is its purpose?

What is the purpose?
Photo: Shutterstock

On the official Social Security website, they announce that the main purpose of the COLA is to ensure that people who receive the benefit don’t see a reduction in their purchasing power. Likewise, they announced that the increase responds to the inflation that was announced this year and that will increase in the coming months.

The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation,” reported the Social Security page through its COLA section. Therefore, people who are of retirement age will be able to obtain these benefits.

What is COLA based on?

What is COLA based on?
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According to information from SSA, the amount is based on the increase in the percentage of the Consumer Price Index for Urban Wage Earners and Clerical Workers. For this reason, inflation is used to come up with the amount the payments increase.

“The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year”, indicates the SSA website.

Who is eligible?

How to be eligible?
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People who are eligible will need to be at their full retirement age, which is 66 for most people, to get all their SSA benefits. If you want higher monthly payments, you could wait until age 70. According to the SSA, people who reach retirement age will be able to obtain a greater increase.

“The earnings limit for people reaching their “full” retirement age in 2022 will increase to $51,960. (We deduct $1 from benefits for each $3 earned over $51,960 until the month the worker turns “full” retirement age.),” the SSA website noted.

Can you be eligible if you are under the stipulated age?

Can you be eligible if you are under the stipulated age?
Photo: Shutterstock

People who are eligible can start receiving Social Security retirement benefits at age 62, but claiming them too soon will reduce your benefits by up to 30%. The earning limit is estimated to be $19,560.

“The earnings limit for workers who are younger than «full» retirement age will increase to $19,560. (We deduct $1 from benefits for each $2 earned over $19,560.)” noted the official Social Security website. «The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000.»

The post The next Social Security check to arrive in 11 days appeared first on Mundo Hispanico.

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