INTRO:
Social Security recipients are set to receive an extra $200 a month in 2022. This increase in benefits is part of the American Rescue Plan, a $1.9 trillion relief package that was recently passed by Congress. The extra money is intended to help those who are struggling financially due to the ongoing COVID-19 pandemic.
Extra $200 for Social Security Recipients in 2022
The American Rescue Plan, which was signed into law in March 2021, includes provisions for Social Security recipients to receive an additional $200 a month in 2022. This increase in benefits is intended to help those who are struggling financially due to the economic impact of the COVID-19 pandemic. The extra money is also meant to help offset the cost of living increases due to inflation.
The $200 a month increase is only for those receiving Social Security benefits, including Social Security retirement, survivors, and disability benefits. Those who receive Supplemental Security Income (SSI) will not be eligible for the extra money.
When Will the Increase Take Place?
The $200 a month increase is scheduled to take effect on January 1, 2022. Social Security recipients will begin to see the extra money in their monthly payments starting in February 2022. The increase will be retroactive to January 1, 2022, so recipients will receive the money for the entire year.
The American Rescue Plan also includes a one-time payment of $1,400 for most Americans, including Social Security recipients. The payment is expected to be sent out in late April or early May 2021.
OUTRO:
The extra $200 a month for Social Security recipients is part of the American Rescue Plan, a $1.9 trillion relief package that was recently passed by Congress. The additional money is intended to help those who are struggling financially due to the ongoing COVID-19 pandemic. The increase is scheduled to take effect on January 1, 2022, and Social Security recipients will begin to see the extra money in their monthly payments starting in February 2022.
As a social security recipient in the United States, it is important to stay up to date on changes being made to the system and how those changes will affect your benefits. In 2021, Congress voted to include a recurring payment of $200 per month for eligible social security beneficiaries, beginning in the 2022 fiscal year.
This additional incentive to recipients is part of the American Rescue Plan and is intended to offer additional assistance at a time when many are facing financial strain due to the COVID-19 pandemic and related economic downturn. Beneficiaries at the lowest end of the income scale, those who earn less than $25,000 per year, will receive the full benefit. For those who earn between $25,000 and $75,000, the benefit will phase out until it is no longer applicable.
The benefit is expected to last for the full 2021 and 2022 fiscal years, however, the details are still in the process of being finalized. The Social Security Administration estimates that nearly 8 million seniors, disabled veterans, and disabled beneficiaries could potentially qualify for the $200 monthly stimulus in 2022. Furthermore, the additional money could result in an increase in the average monthly benefit of around $18, which is a notable increase given the current monthly average of $1,500.
In order to ensure that you are eligible for the $200 monthly benefit in 2022, it is important to keep up to date with the changes unfolding and to be prepared to submit any required documents. Be sure to visit the Social Security Administration website for the most up to date information, or to contact your local Social Security office for guidance.
With the additional incentive money, social security recipients can receive greater support to maintain their lifestyle and combat financial hardship in the present and in the future. The Congress vote to offer a $200 monthly benefit to certain eligible beneficiaries in 2022 is beneficial to those who may be struggling due to current economic hardships and can provide some much-needed relief.
