COLA’s Social Security benefits will begin to be issued on January 13 to people who have birthdays that fall before the 10th of each month.
As a result of the inflation adjustment, COLA payments will increase by 5.9 percent in 2022 as compared to the previous year. In terms of magnitude, it is the largest adjustment since 1982.
Because of this, workers will notice a rise in their monthly payments from $1,565 to $1,657 per month, effective immediately. The rise in payment amount is connected to the growth in the consumer price index – sometimes known as inflation – as assessed by the United States Department of Labor.
The third Wednesday of each month will be a bonus day for those who celebrate their birthdays between January 11 and January 20, respectively.
Additionally, people who have birthdays between the 21st and 31st of the month should expect to be paid on the fourth Wednesday of the month, just like everyone else.
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Who is qualified to receive a check from the bank?
Benefits recipients who are retired, survivors, or disabled will get COLA letters from the Social Security Administration (SSA) throughout the month of December.
The monthly benefit check for SSI recipients will rise to approximately $841 from $794, or a 12% increase. They will also receive letters from the company detailing the price hike.
Divorced pensioners and their ex-spouses are also entitled to supplementary benefits under certain circumstances. If your former spouse is entitled to retirement benefits based on his or her own record, the Social Security Administration (SSA) will pay the sum due first.