How much extra will I receive?
The COLA payment increase is 5.9%, so depending on how much you typically receive each month in benefits, you’ll see a slight change.
For example, retirees who receive $1,565 per month will now get $1,657 in benefits, according to the Social Security Administration.
For a retired couple who are both receiving benefits, the average monthly check will increase from $2,599 to $2,753 in the new year.
If you don’t receive the average, simply add 5.9% to your current monthly check to estimate how much you’ll receive.
Social Security claimants are usually notified by mail starting in early December about their new benefit amount.
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