RETIRED workers will receive an “incentive check” worth about $1,600 as of January, as Social Security benefits will rise.
More than 64 million Americans are likely to cash an even bigger check next year due to the new cost-of-living adjustment.
The new year’s checks will include the 5.9 percent increase for the first time – the highest increase since 1982.
But according to the Bureau of Labor Statistics, prices are up 6.3 percent in the past year.
Retired workers earned an average of about $1,562.66 in October, and their pay will rise to $1,654.65 when the new COLA is applied.
The checks will rise by an average of $92 from January.
Americans claiming Social Security benefits receive 12 checks each year.
More than 70 percent of Social Security recipients are retired Americans, but according to AS, spouses and children of retired workers can claim the money.
Americans who receive Supplemental Security Income (SSI) will also see a 5.9 percent increase in their monthly checks.
Payments will increase by an average of $34 to $621, compared to $587 in January.
Read our stimulus checks live blog for the latest updates on Covid-19 aid…
In August, Mary Johnson of the Senior Citizens League revealed that one in five older consumers had visited food pantries or applied for food stamps.
Research by the group found that COLAs have increased Social Security benefits by 55 percent, while housing costs have increased by 118 percent over the past two decades.
And health care costs have risen by as much as 140 percent.
Johnson added: “It is deeply disturbing that such a large number of survey participants have been forced to access food supplies.
“This illustrates the plight faced by households of those who rely on Social Security for most of their income when food prices become too high.”
Calls for Biden to give the elderly an extra boost in the run-up to Thanksgiving and Christmas are mounting on social media.
Speaking to President Biden, one person tweeted: “I know you look after families. Don’t forget the elderly and individuals (single and adult people)! Stimulus controls can also benefit.”
One Facebook user added: “Senior citizens could definitely use the help.”
And another commented, “What about the people on SSI and those without children.”
There are also mounting calls for Biden to introduce another round of stimulus checks on the eve of Thanksgiving.
One Twitter user said: “Hi Mr. President Biden, I’m on SSDI (Social Security Disability Insurance) and just lost my mom and Thanksgiving won’t be the same without her, but a $2,000 Stimulus check would be great for Christmas.” , so I can buy Christmas gifts for my 2 daughters and my granddaughter, so please include a Stimulus Check IN THE bill.”
Another added: “I can’t afford Thanksgiving, need another stimulus check, Mr. Presidents (sic).”
But families will likely receive a cash boost just days before Christmas.
The final payment of the child tax credit will be sent to millions of families on December 15.
Most families have been receiving up to $300 per child since early July.
But the monthly fee was higher for those who signed up to pay late.
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