The year 2022 has begun and the COLA or cost of living adjustment is the highest it has been in the last 40 years. Inflation is sitting at over 6.2% according to figures obtained from an article on News Break entitled: “Social Security Schedule: When the First COLA Checks Will Arrive in January 2022”.
This article will look, briefly, at some of the most important information regarding Social Security benefits and the cost of living adjustment. Without any further ado, let us begin.
This Year – Inflation and COLA
According to this article from News Break, the Department of Social Security in America has announced its schedule for Social Security benefits payments in 2022. What is more – this year the Department of Social Security is to include a 5.9% cost of living adjustment – aimed at tackling the 6.2% inflation rate caused by the COVID-19 pandemic. This will be the first time Social Security beneficiaries will have such a cost-of-living adjustment included in their payments.
2022 Social Security Benefits January
With January underway – you might be wondering on what day each month you will receive your payments from the Department of Social Security. According to this article on News Break the date of your Social Security payment, naturally depends on your birthday – so the following figures are valid for those born in January:
Those born from the 1st to the 10th of the month will receive their Social Security Payment on the second Wednesday of the month.
Those born from the 11th to the 20th of January will receive their payments on the third Wednesday of the month.
Lastly, in this regard, for those born after the 20th of the month their Social Security payments should be received on the final Wednesday of each month.
Summary And Further Advice
So for the first Social Security benefits to be paid this year, that is January’s payments. The following figures are true, that is respectively – according to the above explanation:
- The 9th of January (Case 1)
- The 16th of January (Case 2)
- The 23rd of January(Case 3)
So now you know just when you may expect your Social Security benefit this month, however, as inflation stands .3% higher than the record-high cost of living adjustment, and many fear the effects of the new and highly contagious variant of the COVID-19 pandemic – Omicron – many Social Security beneficiaries might need to take advantage of further federal and state benefits such as a Social Security Supplemented Income – which might help you to cope and can be extra income in addition to your Social Security benefits, that is according to News Break.
Bellow Is The Link The United States Social Security Administration’s Website: