Eligible Americans Will Start Getting Social Security Benefits Worth $1,657 From Next Month
As part of the Cola rise in 2022, every eligible American will receive a Social Security check worth $1,657 on January 19, according to the Social Security Administration.
Checks from the Social Security Administration
As part of the Cola rise in Social Security benefits in 2022, people who were born between the 11th and the 20th of the month will begin receiving their payments on the third Wednesday of each month on January 19.
In accordance with the cost-of-living increases that are applied to Social Security payments, the Supplemental Security Income (SSI) payment amounts will increase following the future checks.
Social Security benefits for over 70 million retired Americans have increased by 5.9 percent as a result of the COLA, the largest increase in over 40 years and the largest increase in over 40 years. The amount of money paid out each month is determined by the individual’s employment history and the age at which they initially claim for benefits.
Read More: Monthly Child Tax Credit Payments Are Over. Here Are Some of Its Replacements!
The Social Security Administration (SSA) distributed the COLA letters to retirement, survivors, and disability beneficiaries throughout December, and Americans who are due to receive these modified benefits should expect to receive them soon.
In 2022, the SSI will be updated.
The recipients will receive an $821 bonus for each eligible individual, a $1,261 bonus for each eligible individual who has an eligible spouse as well, and a $421 bonus for each important person who meets the requirements.
Because of the holiday schedule, SSI claimants received two payments in December reflecting the increased cost-of-living adjustment (COLA), with a third payment due on February 1.
For more information, according to the Social Security Administration, the unrounded yearly amounts for the current year are multiplied by the Consumer Price Index (CPI) effective in January of the next year to arrive at monthly amounts for the following year.
In order to round down to the next lower multiple of $1, the new unrounded values are divided by 12 and the rounded resulting sums are divided by 12.
When it comes to payment reduction, the amount of monthly taxable income is removed from the monthly payment amount. For couples who qualify, the amount due is split equally between both spouses.
If an eligible individual has a spouse who qualifies, the total amount due is divided equally between the two spouses. In certain states, Supplemental Security Income (SSI) benefits are supplemented.
