Social Security gets a boost in January, pushing some payments to $1,600

64 million Americans collecting Social Security will be in for a surprise next year as the latest COLA hike increases their monthly payments.

The first checks in January will be the first with a 5.9% increase, the highest since 1982.

Inflation has surged higher than the COLA raise given to recipients, beating it by 6.2%.

Related: Americans Continue to Call on President Joe Biden for New Stimulus Control

Retired beneficiaries collect an average of $1,562.66 and will see their payment rise to $1,654.65.

The average increase is about $92.

More than 70% of claimants are retired Americans, but spouses and children will receive benefits that will see them increase as well.

Related: Do Those Who Receive Social Security Benefits Get a Fourth Stimulus Check?

Americans who receive supplemental security income will also see a 5.9% increase.

Their payments will increase $34 dollars and go from $587 to $621 in January.

Data from the Senior Citizens League in August showed that one in five seniors had to visit a food bank or apply for food stamps to keep up with inflation.

Related: Here’s When You Can Expect Social Security Payments Every Month in 2022

Social Security has increased by 55% over the past two decades, but it doesn’t match the 118% increase in housing costs over the same period.

Healthcare costs have also risen to 140%.

People have been tweeting their struggles over not being able to pay for Thanksgiving, but it doesn’t look like a federal stimulus check before the new year.

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