One aspect of rising inflation is that those who are receiving some government checks will see large payments, Social Security announced a 5.9 percent living adjustment on Wednesday.
This is the largest increase since 1982, when the country was emerging from years of inflation in the late 1970s.
Social security advocates say there is an urgent need to increase benefits because people with fixed incomes face huge challenges that end up in the face of rising prices.
“Today’s announcement of a 5.9% increase in cola, the largest increase in four decades, is critical for Social Security beneficiaries and their families as they continue to support rising costs,” AARP said. Let’s try. ”
The increase will start in late December for some recipients and in others in January, depending on the type of social security benefits.
The Social Security payroll tax threshold will also increase next year, meaning the first ڈالر 147,000 will face a 6.2% levy on individual income. That’s up from $ 142,800 this year.
Under the law, Social Security payments are linked to the Consumer Price Index, the Labor Department’s standard for inflation.