Kentucky Stimulus: How Increased Social Security Payments Will Affect State


Mor more than one million people in Kentucky will benefit from the largest monthly increase Social Security Checks in four decades.

As explained on the Social Security Administration website, Social Security is a “social security program designed to provide retirees 65 years of age and older with continuing income after retirement.”

How much will Social Security checks increase?

For those who receive Social Security, will receive adjusting the cost of living by 5.9 percent next yearwhich is the largest increase since 1982.

As a result, the average retiree who received a check for $ 1,565 a month this year will receive an additional $ 92 a month next year. which adds up to $ 1,657.

Disabled workers who also require Social Security will also increase with the increase in the amount they receive growth from $ 1282 to $ 1358

When will the welfare increase start?

Monthly Social Security The increase in the check will take effect from 2022.

Why is social security going up?

Reason for raising to Social Security payments next year will decrease to cost of living adjustmentas inflation spiked due to the COVID-19 pandemic.

How many Kentucky residents will be affected?

In December 2020, 1,009,092 Kentucky residents received Social Security retirement or disability benefits, so this increase is expected to have a positive impact on over a million people.

Will this affect my taxes?

Older workers will have a slight increase in earnings that are now taxable, up 2.9% to $ 147,000 from $ 142,800 in 2021.

As a result, about 12 million highly paid workers will have to pay more taxes. Of the taxable minimum, employers and workers will pay 6.2 percent of wages, while the self-employed will pay 12.4 percent.

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