The Social Security Administration has rolled out the schedule of the program’s payments for 2022. It was learned that the payments would be the first to put in the new cost-of-living adjustment (COLA) of 5.9 percent.
The COLA is computed by checking the Consumer Price Index for both Clerical Workers and Urban Wage Earners for July, August, and September, AS reports.
COLA’s 5.9 percent is the highest in decades
Next year’s COLA is the highest in over four decades. Most of it results from the unusual inflation brought on by several factors resulting from the ongoing Covid-19 pandemic.
The Senior Citizens League – a collective that supports the elderly sector in the United States has pointed out that the COLAs implemented to the social security benefits are pretty much behind the market’s actual price hikes over the past decades. The yearly increase to monthly payments will facilitate toward keeping both the disabled and the elderly beneficiaries of the program from losing purchasing power. Nonetheless, a lot from this increase will pretty much make up for similar hikes in the prices of certain goods, including Medicare.
With that in mind, the league has requested the U.S. Congress to roll out stimulus checks amounting to $1,400 to folks who are on Social Security.
COLA 2022 schedule
Meanwhile, the Social Security Administration highlighted that approximately eight million beneficiaries would be getting their initial check alongside the new COLA this December 30. In line with this, over 64 million program recipients will notice increased payments come January 2022 based on SSA’s schedule of payments.
If the beneficiary’s birthdate falls on the first of the month through the 10th of the same month, that individual’s benefits will be paid on the second Wednesday of the month. That said, January 2022’s first payment is scheduled to be paid on the 12th. Further, if the beneficiary’s birthdate falls on the 11th through the 20th of the month, payment will be made on every month’s third Wednesday. This will be paid on January 19, 2022.
Folks whose birthdate is on the 21st through the 31st of the month will be paid off on the fourth Wednesday of the month. For this group, it will be paid on January 26, 2022.
The entirety of the payment schedule is also posted on SSA’s website.