Michigan Seniors Get Large Increase In Their Social Security Checks
Many seniors have been looking for a good cost-of-living (COLA) increase to their social security checks for years. It appears they are in line to receive a pretty good one.
Due to the record inflation caused by the current administration’s policies the Social Security Administration just informed us that they will be giving a 5.9% COLA increase to all Social Security recipients.
Seniors will see that 5.9% cost-of-living increase beginning in January of 2022.
If you look at the table provided this is the largest COLA increase in 39 years.
"Prior to 1975, Social Security benefit increases were set by legislation.
The first COLA, for June 1975, was based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the second quarter of 1974 to the first quarter of 1975. The 1976-83 COLAs were based on increases in the CPI-W from the first quarter of the prior year to the corresponding quarter of the current year in which the COLA became effective. After 1983, COLAs have been based on increases in the CPI-W from the third quarter of the prior year to the corresponding quarter of the current year in which the COLA became effective."
How much will your January Social Security Check be? According to the Social Security Administration as reported by MLive your monthly checks will increase in the following manner:
- All retired workers – Now $1,565; after increase $1,657
- Aged couple, both receiving benefits – Now $2,599; after increase $2,753
- Widowed mother and two children – Now $3,009; after increase $3,187.
- Aged widow or widower, alone – Now $1,467; after increase $1,553
- Disabled worker, spouse and one or more children – Now $2,250; after increase $2,383
- All disabled workers – Now $1,282; after increase $1,358.
Congratulations you will now be able to break just about even because inflation is running at a record rate of 5.4%
Spend the money wisely.