Waiting for your new Social Security checks? These are the schedules you should take note of.
GoBankingRates reports that in 2021, the average monthly Social Security benefit came out to $1,565.
After a 5.9% cost-of-living adjustment scheduled to go into effect next year, the average benefit will rise to about $1,657 according to the Social Security Administration. This means that the average couple could see roughly $3,000 a month.
If your birth date is on the 1st of the month through the 10th of the month, your benefits will be paid on the second Wednesday of the month. For January’s first payment, this means benefits will be paid on January 12, 2022.
If your birth date is on the 11th of the month through the 20th of the month, benefits will be paid on the third Wednesday of each month. For January’s first payment, this lands on January 19,2022.
If your birth date is on the 21st of the month through the 31st of the month, benefits will be paid on the fourth Wednesday of each month. For January’s first payment, this equates to a benefit payment on January 26, 2022.
Forbes estimates that the increase in benefits will benefit nearly 62 million Americans who receive Social Security benefits in January 2022. Americans who receive Supplemental Security Income benefits will actually be able to see their increases a little sooner, beginning on Dec. 30.
The SSA estimates that increased payments to SSI beneficiaries will reach approximately 8 million people next year.
Read more: Social Security: 4 Things You May Not Know
Recipients of both SSI and regular Social Security payments in 2022, this could mean nearly $2,500 per month. If you are scheduled to be a recipient of benefits in 2022, the SSA will notify you via mail and online (through online mySocialSecurity accounts) beginning in December.
Take note that these changes only apply to retirees who have reached the full retirement age and therefore qualify for these benefits.
Keep up with more news here at the East County Gazette.