Inflation is wreaking havoc in the pockets of many people in the United States. This inflation does not stop and many retirees are losing purchasing power every month at breakneck speed. Fortunately, there is the COLA that raises retiree Social Security benefits every year. This increase is a percentage that makes the increase proportional for all retirees equally.
Therefore, we are looking at a fair increase that could be about $200 on average. The more important question is whether or not we have to take any extra steps to get it. At the moment, nothing needs to be done to apply for this Social Security increase. But there are 3 key elements we need to consider. Without these key elements, it will be impossible for this increase to happen and take effect.
The key elements for the Social Security COLA
These elements are indispensable to the Social Security COLA increase. Some of them may seem obvious, but they really are necessary. Without them, this $200 increase on average is impossible.
- Being a beneficiary of a Social Security benefit: If you are not yet a beneficiary you will not be able to have an increase next year. It is mandatory that your benefit be accepted this year 2022 so that it can be adjusted next year 2023 through the COLA.
- Have your payments activated: If there are any problems with your payments, there may be a problem with the COLA increase. Check well that all your Social Security data is OK through MYSSA. With these problems everything can delay your payments a lot and the extra $200 may not show up on your monthly check.
Therefore, if you have this a Social Security subsidy or it is in the approval phase, it is very likely that for next year you will see an increase. However, it is not required to be $200, as it will be a percentage of your total benefit amount.