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    Social Security Checks Increasing By Highest Amount In Decades

    Social Security Checks Increasing By Highest Amount In Decades

    People who receive Social Security benefits and Supplemental Security Income (SSI) will see an uptick in payments to adjust for the increased cost of living.

    The change— an increase of 5.9%— will affect about 70 million people, the Social Security Administration announced Wednesday. This is the largest jump since 1982, CNN reports.

    Those who receive Social Security can expect the bump next January. Recipients of Supplemental Security Income (SSI)— those who are disabled or receive little income— will start receiving payments at the end of December.

    Beneficiaries are “normally notified by mail starting in early December about their new benefit amount,” according to the Administration’s announcement.

    As the Bureau of Labor Statistics reported last month, inflation has led to higher costs for a variety of goods. We’re seeing increases in everything from the cost of food, to rent and furniture. The check increase is intended to adjust for these higher prices.

    To get more info on your expected payout, you can visit your online Social Security account.


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