8 Things to Do if You Get a Big Social Security Raise

Social Security recipients are eligible for annual raises known as a cost-of-living adjustments, or COLAs. In recent years, COLAs have been stingy, but because inflation has been so high this summer, 2022 is shaping up to be monumental as far as a Social Security raise is concerned. If you rely heavily on your benefits, it's important to put that COLA to good use. Here's how.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

Many seniors on Social Security don't have emergency savings to fall back on, so when unplanned expenses strike, it can be an instant source of stress and also lead to unhealthy debt. It pays to bank some of your raise so you have that cushion.

ALSO READ: 3 Ways to Score a Higher Social Security Paycheck

If you owe money on credit cards, you may be shocked at the amount of interest you're racking up day after day. If a big Social Security raise comes through as expected, it makes sense to use that cash to chip away at your balances.

Not everyone enters retirement mortgage-free. If you're still making payments on your home, putting extra money into your mortgage could help you shed that loan sooner.

ALSO READ: Fewer Than One in 10 Americans Knows How to Maximize Social Security Benefits

Healthcare is some seniors' largest expense. It pays to allocate some of your Social Security raise to medical care so you're not forced to skimp on it when the need arises.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

Having a reliable car is important. If yours is on the way out, replacing it with a safer, more updated model makes a lot of sense, and your Social Security raise may make it possible to swing a higher monthly car payment.

Now that you're retired, you may be spending more time at home. Your extra money from Social Security could make it possible to spruce up your living space and make it more comfortable.

ALSO READ: Why a $3,895 Social Security Check Isn't All It's Cracked Up to Be

As homes age, they tend to encounter issues that can be costly to address. If there's a repair you've been sitting on due to a lack of funds, you may have an opportunity to address it once your Social Security checks get bigger.

Seniors are routinely caught off guard when the time comes to file a tax return and they realize they owe the IRS money. For those who live on a tight budget, that can be a huge blow. It could pay to reserve some of your raise in case you get hit with a large tax bill in April.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

It's not every year that Social Security COLAs are substantial. Do your best to put your upcoming raise to good use. You'll be thankful for it in the long run.

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