Social Security Increasing This Week
Here’s what is about to happen.
If you have been reading our articles about changes coming to social security then you know that there is some big news ahead.
It has now been learned that the Social Security Administration is set to announce this week how much more money they will begin paying out to seniors due to inflation which was brought on by Joe Biden’s presidency.
This increase in social security payments are called COLA (cost-of-living adjustment) and they are adjusted every year slightly. However due to excess inflation thanks to President Biden, senior citizens are going to get the largest increase to their social security payments in 40 years!
According to The Hill, the Social Security Administration is expected to increase payments to seniors by a whopping 8.7 percent.
It’s important to know that 8.7 percent isn’t the exact calculation and the official increase will be announced by the SSA this Thursday. We will update you on Thursday regarding the exact increase so please make sure to read.
Seniors are expected to now get an average of $1,656 per month which is a $144.10 increase compared to before.
While inflation caused by President Biden has tormented Americans, senior citizens can rest assured that relief is on the way.
