COLA increase 2022 update – Checks to be sent out as Social Security benefit recipients can get up to $4,194

INCREASED Social Security payments have been issued in the month’s first batch of checks, after the maximum benefit increased to $4,194. The new COLA checks are sent out in three waves according to the recipient’s birth date, on February 9, 16, or 23. The cost-of-living adjustment (COLA) climbed to 5.9 percent beginning this year, impacting 64million claimants. Last month, an extra $200 payment was made available for SSI claimants that received at least $3,389 per month in 2021. The maximum benefit for someone who retired at age 70 in 2021 was $3,895, but if you retire at age 70 in… Read Full Article