Social security increase in 2022 is in just over a month in

AMERICANS on Social Security will see more money in the new year.

The cost of living adjustment (COLA) will go into effect in 2022, which means greater compensation for everyone – we explain what you need to know.

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Social Security recipients will see a bigger payment in 2022

Who gets the boost?

About 70 million Americans will see a 5.9% increase in their Social Security benefits.

Those making Supplemental Security Income (SSI) payments will also see an increase in 2022.

Federal benefit rates rise when the cost of living rises, as measured by the Department of Labor’s consumer price index.

This change means that prices for goods and services are slightly more expensive on average, so adjusting the cost of living helps offset these costs.

When will it come into effect?

The increase will begin with benefits that Social Security beneficiaries will receive in January 2022.

Increased SSI payments will begin on December 30, 2021.

When the payments will arrive depends on your birthday.

If your date of birth is on the 1st-10th, it will be deposited on the second Wednesday of every month.

If your date of birth is on the 11th-20th, it will be deposited on the third Wednesday of every month.

If your date of birth is on the 21st-31st, it will be deposited on the fourth Wednesday of each month.

Here is the January 2022 payoutst schedule:

  • Second Wednesday: January 12
  • Third Wednesday: January 19
  • Fourth Wednesday: January 26

How much extra do you get?

In 2021, the average monthly payment for retired employees was $1,565.

That is expected to rise to $1,657 with the 5.9% increase imminent.

This means that the average recipient of a retirement benefit can expect an increase of about $92 per month.

The exact amount that is offered depends on your employment history and the age at which you first claim the support.

The SSA sends COLA notices the whole month of December.

Your friend or relative may receive their message in the mail before you do.

The SSA asks that you wait until January before contacting SSA about your emailed notice.

Why are payments rising?

Each year, the agency usually issues a adjustment of the cost of living (COLA) to reflect the gradual price increase.

The COLA is calculated using third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

When the CPI-W falls or remains unchanged, Social Security recipients generally do not receive COLA.

But in October, the SSA said it will raise COLA to 5.9%.

It is the largest increase since the 1980s.

Here is the Social Security Payment Schedule for 2022.

In addition, we explain what to do if your Social security check is late.

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