Retirees and other Social Security recipients will get their most enormous benefits to increase in more than 40 years next month according to a published post by The US Sun.
Retirees and other Social Security recipients will get their most enormous benefits to increase in more than 40 years next month. (Photo: The US Sun)
$1,827 New Bumper Packages And Expensive Surprises Have Been Announced To Many Social Security Recipients
The Social Security Administration reported that this annual cost of living adjustment comes out to 8.7 percent. It aims to help recipients handle the inflation crisis, which has left many citizens with a low income struggling to buy groceries and other necessities.
According to Motley Fool, the rising cost of living crisis in the US is a longstanding issue. Retirees claiming Social Security payments have lost about 40% of their purchasing power since 2000. About 70 million citizens will benefit from the increase, which is greater than the 5.9 percent one awarded at the start of 2022, CNN reports.
Retirees and other Social Security recipients will get their most enormous benefits to increase in more than 40 years next month. (Photo: The US Sun)
Many Social Security Recipients Received an Announcement Of New Bumper Packages Worth $1,827 And Some Expensive Surprise.
Many senior citizens heavily rely on these payments. This includes 42% of elderly women and 37% of elderly men. However, there are also many younger Americans with disabilities who depend on Social Security.
The administration reported that almost 8 million disabled workers younger than 67, which is the retirement age in the US, are getting payments at the end of June. This includes more than 35,000 disabled workers younger than 25.
But this upcoming raise could lead to unexpected expenses for some recipients, the Motley Fool stated. Social security benefits can be taxed for people who also have other supplemental income. People still working and those who receive income through investment dividends are included.
Monthly Payments For Retirees Will Rise By $140 to $1,827 In The New Year
For people making $25,000 or more, 50% of their social security benefits could be taxed. That goes up to 85% for individuals making more than $34,000. Married couples making more than $, 32,000 could see 50% of their benefits taxes.
That increases to 85% for couples making more than $44,000. With these drastic benefit increases this year, many more recipients could end up above these thresholds.
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