Billions in Retroactive Social Security Benefits Should Go Out Soon. Here's Who Could Benefit the Most.
Your Social Security checks probably don't cover all your monthly living expenses, and if they're all you have, you may find it difficult to afford even basic necessities. Cost-of-living adjustments (COLAs) help a little, but these only happen once per year.So when the news came out that 3.2 million Americans could expect not only a huge monthly benefit increase but also a one-time retroactive payment, it's natural to get excited. However, this change only applies to a subset of Social Security beneficiaries.Image source: Getty Images.Continue reading
Your Social Security checks probably don't cover all your monthly living expenses, and if they're all you have, you may find it difficult to afford even basic necessities. Cost-of-living adjustments (COLAs) help a little, but these only happen once per year.
So when the news came out that 3.2 million Americans could expect not only a huge monthly benefit increase but also a one-time retroactive payment, it's natural to get excited. However, this change only applies to a subset of Social Security beneficiaries.
Image source: Getty Images.
