$2,753 monthly check: what are the requirements to apply in case of approval?
The US Social Security Administration announced a historic increase for the 2022 COLA that will see certain beneficiaries receive up to $2,753 on average.
With inflation increasing at its fastest rate in four decades many Americans are feeling the pinch of higher prices, none more so than those that live on a fixed income. The 2022 COLA announced by the Social Security Administration last year will help monthly payments to beneficiaries from falling drastically behind.
Every month the agency sends out payments to retirees, the disabled, as well as spouses and dependents of contributors. At the end of 2021, over 67 million beneficiaries received some form of financial support from the Social Security Administration, over 72 percent were retired workers.
Social Security payments are 5.9 percent higher in 2022
In January, the Social Security Administration implemented the changes to Social Security benefits based on the 2022 COLA, which at 5.9 percent was the highest boost to benefits in decades. The increase translated into Supplemental Security Income payments rising to $841 per month for individuals and $1,261 for couples.
For retirees it meant that the average worker saw monthly payments bumped up to $1,657 and couples that both receive benefits rise to $2,753 according to agency estimates. Workers who wait until they reach the Full Retirement Age to begin collecting on their fund could get a maximum $3,345 each month in 2022.
How to apply for $2,753 monthly Social Security check
The amount that each recipient receives in Social Security benefits depends on their work history. Supplemental Security Income is set by the federal government and is based on need not one’s former earnings. The increase to monthly payments is automatically applied by the agency to beneficiaries already collecting their entitlement.
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The longer Americans wait to receive payments from their federal retirement account, the higher the monthly check they can expect based on their work history. You can use an online tool provided by the Social Security Administration to calculate your benefit.
If you are planning on retiring this year, you will need to contact the Social Security Administration or go online to the “my Social Security” website to start the process to claim your benefits. After being closed to the public except by appointment for the past two-plus years, Social Security offices are open for in-person services again.
However, some offices still require an appointment and a small number remain closed. Although most of those who need to speak with an agency representative face-to-face can walk in for a variety of services, the Social Security Administration “strongly encourages” people to make an appointment to avoid waiting in line.