The Social Security Administration has recently confirmed that beneficiaries of its various programs will receive a substantial cash boost in the coming months.
Every year, the SSA grants a cost-of-living raise (COLA) to recipients, bringing their monthly payments closer to actual inflation. The idea is that people on welfare should get raises when costs rise.
The COLA increase for 2022 is a whopping 5.9 percent, the greatest in almost 40 years. This rise results from rising costs in recent months as the United States’ economy recovers from covid-19. In addition, in specific sectors, prices have increased due to significant government financial stimulus and strain on global supply chains.
When will the first Social Security payments be paid in 2022?
The cost-of-living adjustments will benefit an estimated 70 million Americans immediately, but it will be distributed out across many categories. In addition, the COLA increase is expected to help the SSA manage several social security programs.
The first to receive the money will be Supplemental Security Income (SSI) recipients, who are expected to get their payments by 30 December 2021. SSI is a government assistance program for those who are unable to earn an income adequate enough to survive due to age or a disability.
From January 2022, SSI payments should arrive in recipients’ bank accounts on the first of the month, except for months when that date falls on a Saturday or Sunday.
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Beneficiaries of Social Security will have their payments spread out by the date of birth.
The vast majority of Social Security beneficiaries in the United States now take advantage of the SSA’s retirement benefits program, which has a projected population of 61 million people. According to the recipient’s birthdate, the procedure is staggered in three waves to guarantee that cheques arrive promptly.
On the second Wednesday of each month, everyone who was born on or between January 1 and December 10 will receive their Social Security payment.
On the third Wednesday of every month, people born on the 11th through 20th of the month will receive their payment.
Finally, those whose birthdates are on the 21st of the month or later will benefit from the COLA increase in 2022. This group will receive their Social Security payments on January 4, 2021: Wednesday, January 26, 2021.
Why are sr citizens left out in the cold. People who are making $75,000 are getting the benefits while seniors are not able to stretch their budget any farther. And talk about these characters who are turning down jobs so they can collect unemployment. We are the forgotten ones and I think that is what burns me the most. Get off your high horse and see what senior citizens have to do to make ends meet.
You seriously can not expect seniors that have rent due on the 3rd. To wait till the 3rd Wednesday of the mth. They will be kicked out of their place. Then what?
I really like to know Will i get the cola I took a early retirement because I got hurt on My job answers back
How are we suppose to pay our rent,due on the 3rd if ones birthday is on the 28th of the month. Late fees or eviction. This is not fair or right. All other bills are due the first week of the month.
So since my birthday is the 27th of the month I won’t be able to pay January’s rent eletric and heat either till the 4th Wednesday of the month. Which in essence means I won’t get any check for January because the Wednesday of January will need to be used for February’s rent and all my bills we’ll be late. How can the government take a whole check away. So we really aren’t getting a raise we’re being deducted a check for January. All medical are be January will have to go to rents and other bills for February’s bills.
Totally wrong and unacceptable for senior living on social security alone. Not pleased, Rita Bennett of 423 Heron rd, Clearwater Florida
Do you have an answer for taking my January check
What a joke Mr. Biden! I will receive $19 .07 raise after the higher medicare cost are taken out. Why do you keep telling America you are helping us? This cola raise dosen’t even offset the higher prices in food. At 73 I am so disappointed in how the White House cares about the seniors that gave all for their country for so many years.