COLUMBUS, Ohio — The Social Security Administration announced that benefits will see their biggest increase in nearly 40 years. For those who get social security checks, the increase will jump to 5.9%.
10TV spoke with John LaMotte, an Outreach Specialist with Central Ohio Agency on aging. He said more money is coming to millions of Americans next year.
“So, you're going to see 64 million social security beneficiaries and 8 million SSI beneficiaries who are going to have income increases due to this COLA increase,” LaMotte said.
He said the increase is tied to recent job shortages, consumer price increases and even the pandemic.
"I can't think of very many things that people have said, 'Oh, this has been good to me because of the pandemic,'” he said.
LaMotte said the large increase in benefits is meant to match some of the increased costs we have seen because of the pandemic.
Another determining factor on how much money you could receive depends on your Medicare Part B Premiums. Those payments are usually taken from social security checks monthly.
"Know that you're going to get an increase, but you're going to have to wait a little bit of time to know how much exactly it is going to be,” LaMotte said.
LaMotte said to expect a social security notice that will say how much expect to receive around late November or early December.