MILLIONS of Social Security beneficiaries will receive their monthly cost-of-living adjustment (COLA) checks worth an average of $4,194 today and next Wednesday.
Those whose birthdays fall between the 11th-20th of the month will be receiving their COLA payments today, November 16.
Recipients with birthdays after the 21st of the month will get their checks on Wednesday, November 23.
Those who have a birthday between the first and 10th already received their monthly payment on Wednesday, November 9th.
The payments come ahead of next year’s anticipated huge monthly payment boost worth $144, making it the largest COLA increase in 40 years.
This year, the maximum Social Security benefit is $4,194 per month, while the average benefit is $1,657.
Read our COLA blog for news and updates…
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Is it likely that benefits will end?
If you intend to rely on the program in 2035, keep in mind that you may get less in Social Security payments than you anticipated, Yahoo reported.
According to the board of trustees’ annual report for 2021, if no modifications are made to address the trust fund shortfall, payouts will have to be cut by 22 percent.
For many retirees, such a reduction in benefits would be a significant financial blow.
Yahoo reports that 50 percent of senior married couples and 70 percent of elderly single persons rely on Social Security for at least half of their income.
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Four changes every year: Tax limit
Last but not least, the Social Security tax limit is also…
