Making ends meet has become more difficult for millions of Americans on Social Security as inflation has wreaked havoc on the economy.

It was announced in January that the Social Security Administration (SSA) raised the cost-of-living adjustment to 

5.9% to keep up with inflation. However, many people think the increase is not enough.

As the US Labor Department releases June numbers on July 13, May inflation came in at 8.6%.

Inflation remains near 40-year highs.

The time to take advantage of the benefits that you have worked for and paid into is now if you are retired or planning to retire.

Here are some tips for maximizing your benefits.

A senior can receive up to $841 in Supplemental Security Income (SSI) if they qualify.

Supplemental security income

Due to the COLA, SSI payments have increased by $34 on average to $621 a month. This amounts to $7,452 annually.

Due to the COLA, SSI payments have increased by $34 on average to $621 a month. This amounts to $7,452 annually.

SSI provides monthly payments to adults and children with disabilities or blindness with income and resources below specific financial limits. 

A person who meets the financial criteria can also receive SSI payments if they are 65 or older and without a disability.

Both SSI and Social Security can be received by the same person.

Swipe Up to Read More Story

Swipe Up