Millions of Americans will soon see Social Security benefits increase. The Social Security Administration says a 5.9% cost of living increase is coming in 2022. Approximately 70 million Americans rely on SSI to pay their bills. Many of those receiving SSI benefits are senior citizens. In fact, The New York Times found nearly nine out of ten people over the age of 65 received the benefits last year.
Jo Ann Jenkins, the CEO of AARP, also said the cost of living increase was necessary for beneficiaries to keep up. The Social Security Administration says the increase is due in part to rising costs of living nationwide. You can read more about the most significant boost to social security since 1982 here.
Social Security Benefits Increase: The Impact on You and Your Residents
The increase in social security benefits will, of course, help millions living in public housing. However, it will impact owners, managers, and agents as well. For example, the 2022 increase will need to be factored into annual recertifications.
Additionally, the boost extends to those receiving other benefits as well. People who receive VA pensions, Civil Service Pensions, and Railroad Retirements will also see an increase.
On another important note, the increase in Social Security Benefits will also impact healthcare. The estimated premium for Part B would go up $10 a month for 2022. This estimate would drive the Medicare Part B premium to nearly $158.50 a month.The 2021 Social Security and Medicare Trustees’ report also shows that the ongoing COVID-19 pandemic and recession have a slight impact on the program’s finances. Click here to view both of the reports in full.
Ultimately, the cost of living increase will benefit millions, but it is important to note many families need help right now. Evictions have resumed nationwide as many struggle to make ends meet. If you or someone you know needs help, check out these Free Rental Resources.