Social Security recipients to see increase in 2022


Click here to listen to this article!

People drawing Social Security will see a hike in their benefits in 2022. It will be the largest increase since 1982.

Beneficiaries may have already received correspondence from the Social Security Administration detailing their increase. If not, use a simple calculation to find out how your payments will change.

Simply multiply your current monthly payment by 5.9 percent. Add that amount to your current payment to get the total.

A slight downside to this increase is that Medicare Part B premiums will also increase by $29.60. You will need to subtract that amount from the total to get the actual amount you will be receiving each month.

When will you see the increase? If your birth date falls on the 1st through 10th of the month, you will receive benefits on the second Wednesday of the month.

If your birth date falls between the 11th and 20th of the month, you will receive benefits on the third Wednesday of the month.

If your birth date falls between the 21st and 31st of the month, you will receive benefits on the fourth Wednesday of the month.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You have 3 free articles left this month!