Updates on the fourth stimulus check
The government has announced a 5.9% increase in COLA. This increase will lead to an increase in benefits to US citizens; however, the surge’s help may not apply soon.
According to the Bureau of Labor Statistics report, consumer prices are up 6.3%.
The Social Security Administration announced the COLA increase in October this year. However, the increase will take effect from January 2022.
The rise in home and health care rates has wiped out COLA benefits
The sources have said that citizens have been confronted with a sharp rise in the prices of everyday products. Citizens are being hit hard by the sudden price hike, and they are destined to suffer a lot.
Data from a recent study shows that a significant portion of the population depends on food pantries for their survival. Several sources suggest there is a 55% increase in COLA benefits.
The rise in house prices has increased by 118% and has overshadowed the benefits of the citizens.
In addition to housing costs, the healthcare sector saw the costs of services and products rise by 145%. Citizens are falling short due to the unexpected rise in costs.
According to an article on as.com, the retired employees received an average of $1562.66 in October 2021. After applying the increase percentage, the new amount will be $1,654.85 as of January 2022.
A total of twelve security checks are issued per year, each month. The benefits of the COLA also apply to individuals who receive Supplemental Security Income (SSI).
The government had issued $587 to recipients of SSI. If the rate remains unchanged, January 2022 will be $621, an increase of $34.
Retired workers and their families are among the beneficiaries
According to the data released by the government, the retired worker makes up 72.3% of the total beneficiaries, while the others include their relatives and children, and widows of deceased employees.
The parents of the employees are also among the beneficiaries. The employees who qualify for the COLA benefits receive a check from the government.
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