Social Security beneficiaries are slated to receive a 5.9% increase in 2022, the biggest boost in benefits in 39 years.
The cost-of-living adjustment will mean an increase of about $92 a month for most retired workers, bringing the average benefit to $1,657 per month.
The Social Security Administration will be sending out letters to beneficiaries detailing how much increase they will see but you can do a little math to find out how your payment will change.
MSN explains it this way: The easiest way to calculate your benefit is by taking your current monthly payment then multiplying it by 5.9%. Add that amount to the original payment and you will see the increase that will be reflected in your check.
There is something important to keep in mind, however. Medicare Part B premiums are increasing from $140.50 to $170.10, MSN reported. The increase of $29.60 will be taken directly from Social Security checks so whatever increase is added to your existing benefits, you will 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. Security’s annual increase, or COLA, is determined each year using the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, based on the data through the third quarter.
When will new payments start?
According to GoBankingRates.com, if your birthday is on the 1st through the 10th of the month, your benefits will be paid on the second Wednesday of the month. For January, this means benefits will be paid on Jan. 12, 2022.
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 Jan. 19, 2022. For people with birth dates on the 21st of the month through the 31st of the month, benefits will be paid on the fourth Wednesday of each month. January’s payments will be made on Jan. 26, 2022.
"payment" - Google News
December 06, 2021 at 07:17PM
https://ift.tt/3lCaFS0
Social Security increase 2021: How to calculate your new payment - al.com
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Social Security increase 2021: How to calculate your new payment - al.com"
Post a Comment