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Social Security is a crucial safety net for millions of Americans, providing retirees with a source of income to support themselves in their later years. Recently, there have been important updates made to Social Security benefits that will impact both current and future beneficiaries.

One significant change is the increase in payouts for Social Security benefits. The Social Security Administration announced that there will be a 5.9% cost-of-living adjustment for Social Security beneficiaries in 2022, the largest increase in nearly four decades. This means that retirees who receive Social Security benefits will see an increase in their monthly payments to help keep up with inflation and rising costs of living.

In addition to the increase in payouts, there is also a new 10-year rule for benefits for surviving and divorced spouses. Previously, surviving spouses had to be married to their deceased partner for at least nine months in order to be eligible for survivor benefits. However, with the new 10-year rule, surviving spouses who were married for at least 10 years before their partner’s death will now be eligible for survivor benefits. This change will provide additional financial support for surviving spouses who may have been in a long-term relationship with their partner but did not meet the previous nine-month requirement.

Similarly, divorced spouses who were married to their ex-partner for at least 10 years will also be eligible for benefits based on their ex-spouse’s work record. This change will help provide financial support for divorced spouses who may have relied on their ex-partner’s income during their marriage.

These updates to Social Security benefits are a welcome change for many Americans who rely on these payments to support themselves in retirement. The increase in payouts will help retirees keep up with rising costs, while the new 10-year rule for benefits for surviving and divorced spouses will provide additional financial support for those who may have been in long-term relationships with their partners. Overall, these changes will help ensure that Social Security continues to fulfill its mission of providing financial security for older Americans in their later years. With these changes, Social Security will continue to be a lifeline for millions of Americans as they navigate retirement and beyond.