Here is some news which will cheer up the Senior citizens. COLA social security payment of $1,657 will be sent in 24 days. However, there is a condition attached to the payout. Your Birthday must fall between the 21st and the 31st of the month reports The Sun.
Any citizen receiving COLA social security payments will get their first check of the year in 24 days if your Birthday falls between the 21st and 31st of the month.
COLA, an acronym for cost-of-living adjustment, has seen the most significant increase for the first time in 40 years and the reason is also not difficult to fathom. Inflation has surged the highest in the last 40 years, and living costs have significantly increased. The pensioners and the seniors have been most affected by the surging prices, and the sum they receive as social security payments is inadequate.
This year’s payments will be 5.9 percent bigger than in 2021, following the largest in just under 40 years, representing a rise of $92 for seniors.
A retired worker will see an increase in the monthly checks, and he will receive $1,657 a month compared to $1,565 earlier.
The cost-of-living adjustment or the COLA is calculated according to the consumer price index increase determined by the US Department of Labor Statistics.
COLA social security payments date when checks are expected
The Social Security Administration has unveiled the schedule for 2022, and here are the dates when US citizens can expect to get paid-
- Citizens born between the 21st and the 31st of the month will get the payment on the fourth Wednesday of each month.
- Similarly for Citizens born between the 1st and the 10th of the month will get the payment on the second Wednesday of each month.
- Senior citizens who qualify and are born between the 11th and the 20th of the month can expect to receive their benefits on the third Wednesday of each month.
Money on its way: Dates for COLA $1,657 revealed, and it could be as soon as 10 DAYS.
Here is the schedule for when Social Security payments will arrive each month.
The increase in payments will see a retired worker’s monthly check increase from $1,565 to $1,657 a month.
Also, a family will see a rise of $154 – from $2,599 to $2,753 per month.
Similarly, Disabled Americans will also see their Social Security Disability Insurance (SSDI) increase by 5.9 percent. As a result, an average disabled American worker will see a rise of $76 – from $1,282 to $1,358 a month.
The SSA has more good news and has confirmed that the maximum earnings subject to Social Security tax will increase this month. It will increase to $147,000 from $142,800 following average wages. But, unfortunately, it means those workers drawing a higher salary will be paying tax on a more significant proportion of their earnings. Social Security benefits currently take care of 70 million Americans, whether elderly or disabled.