From this date forward, your Social Security check will be bigger. However, the exact date depends on your situation.
According to MoneyTalkNews, the cost-of-living adjustment (COLA) for Social Security recipients in 2022 will grow by 5.9%, the biggest COLA has seen in decades.
But when exactly will those fatter checks start to arrive?
The answer is actually determined by the number of days on which you were born. So, if your birthday was on June 3, 1955, then you should remember the number “3.”
Despite the fact that the COLA will take effect for the entire program in January, you will receive your first check that reflects the COLA for 2022 following the schedule below:
- You will receive your payments on the second Wednesday of every month if your birthday falls on days 1 through 10. This means you will receive your first payment with the 2022 COLA on January 12.
- Those with a birthday between days 11 and 20 will receive their payments on the third Wednesday, which means their first 2022 payment will be on Jan. 19.
- You will receive your first payment in 2022 on January 26 if your birthday falls on days 21 through 31.
Must check: Can Americans Anticipate Stimulus Checks in 2022?
The rule above is not universal, however. You will receive your Social Security payment on the third of each month regardless of when you began receiving benefits if you received both Social Security and Supplemental Security Income (SSI) benefits as a couple. SSI is an income supplement for those with low or no income who are elderly, blind, or disabled.
If You are Eligible for Social Security, When Should You Claim It?
This can be a tricky question. Most people find it advantageous to wait until they are as 70 years old as possible because their monthly benefit increases as they age. However, because most people are allowed to claim benefits at age 62, others may benefit from taking them sooner or at the latter age.