Checks to be sent out Wednesday as maximum Social Security benefit is increased to $4,194

THE first round of February’s increased Social Security payments are being sent out on Wednesday, as the maximum benefit has increased to $4,194. The new COLA checks will be 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 64 million 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… Read Full Article