Inflation has become a real problem ever since we had to deal with the pandemic, so the fact that Social Security Administration has decided to boost the benefits is a good thing. The boost will be accordingly to the cost of living adjustment, or COLA, for the following benefit checks this year.
It’s just one of the many recently announced by Social Security. Over 70 million people are entirely dependent on at least one Social Security benefits program, so all those annual changes made to the program and its payouts were somewhat anticipated.
However, substantially more extensive benefit checks have been considered a rarity in the last few years. As inflation is soaring, all that extra money might help seniors and others pay for everything they need. Here’s what you need to know:
