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For the approximately 70 million Americans who receive Social Security and Supplemental Security Income (SSI) benefits this January, their monthly checks will have something extra in them.

A 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to retirees, disabled workers and those who receive survivor benefits.

According to the Social Security Administration, this annual increase will be the highest beneficiaries have seen in about 40 years.

In 2021, the cost-of-living adjustment was 1.3%.

According to estimates by the Social Security Administration, the COLA amounts to $92 a month for the average retired worker.

With the increase, the estimated average monthly benefit for all retired workers will rise to $1,657, up from $1,565.

A typical couple’s benefits would rise by $154 to $2,753 per month.

Edwina Covington is not expecting the increase to amount too much.

“I’ve found over the many years that a raise is usually eaten up by the rise in insurance premiums, etc.,” Covington said.

According to the Social Security Administration, there are several reasons for the more significant than average COLA increase, such as the rise in inflation, energy prices rising as well as the cost of food, shelter and healthcare.

In addition to retired workers, those who are disabled workers receiving SSI benefits will also see an increase.

They are set to receive an extra $76 per month, bringing the average disabled worker benefits to $1,358 per month starting in January.

Those who received survivor benefits will earn $74 more per month for a total monthly payment of $1,253.

If you are wondering what your monthly SSI benefits will be beginning in 2022 with the COLA increase, add 5.9% to your December payment.