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The new year is approaching, and the Social Security Administration will soon be sending out Social Security payments for January 2022. These payments will include the 5.9% cost-of-living adjustment for Social Security and
Supplemental Security Income beneficiaries. See: This Is the Average Social Security Benefit for 2022 With Added
COLA As previously reported by GOBankingRates, if your birth date is on the 1st of the month through the 10th of the month, your benefits will be paid on Jan. 12, 2022. If your birth date falls between the 11th of the month and the 20th of the month, your benefits will be paid on Jan.19, 2022. And if your birth date is between the 21st of the month and the 31st of the month, your benefits will be paid on Jan. 26, 2022. The U.S. has seen inflation rise to
historic levels, reaching 6.8% over the last year — the biggest 12-month increase since 1982, according to the Bureau of Labor Statistics. This is also the largest COLA update in nearly 40 years. COLA increases over the past few years have been around 1% to 1.3%. See:
How Waiting To Retire Could Keep Your Mind SharperSocial Security January Payments: When Will Checks Arrive in 2022?
Find: Social Security — When Your Provisional Income Can Lead to 100% Tax-Free
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$1M Is No Longer the Standard Nest Egg — Here’s How Much Most Americans Think
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Throughout 2021, the average Social Security benefit was $1,565, according to the SSA. The average monthly payment will rise to about $1,657 in 2022.
Beneficiaries can also apply for Social Security Supplement Income if Social Security checks aren’t enough to cover monthly expenses. If you are eligible, SSI would be paid on top of your monthly checks. SSI benefits are expected to increase to $821 in 2022, up from $794 per month in 2021, according to Forbes.
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This article originally appeared on GOBankingRates.com: Social Security January Payments: When Will Checks Arrive in 2022?
This is a common question we get when
we do a full Social Security Benefit session. “When will I receive my first check”. It’s important to understand that As of March 1, 2013, the Social Security Administration stopped mailing paper checks. There are two ways you can receive your benefits: 1. Direct deposit of your Social Security checks. This option puts them right into your bank account on the day
they are paid.
You don’t have to worry about your check being lost or worry that funds will not get to the bank in time if you are out of town. Sign up or learn more at Frequently Asked Questions About Social Security Direct Deposit.
2. Direct Express® Debit Card – If you do not sign up for direct deposit, your benefits will be paid to you via Direct Express® debit card option. This card will work anywhere that takes Debit Mastercard®. You can also use your Direct Express® debit card to get cash back at the grocery store or to purchase money orders at the post office.
Social Security checks are deposited on the second, third, or fourth Wednesday of each month, depending on your day of birth. The Social Security check schedule works as follows:
If you were born on the:
1st–10th of the month: Expect your Social Security check to be deposited on the 2nd Wednesday of each month.
11th–20th of the month: Expect your Social Security check to be deposited on the 3rd Wednesday of each month.
21st–31st of the month: Expect your Social Security check to be deposited on the 4th Wednesday of each month.
Exceptions to When Social Security Checks Arrive
For every rule, there are always exceptions. If you fall into one of the categories below, your check may arrive on an alternate schedule.
You started receiving benefits before 1997: Your Social Security check is paid on the third day of the month. You can request to change this according to the day of birth schedule above.
You are receiving both Social Security benefits and SSI payments: Expect your Social Security check to be deposited on the third day of the month.
Holiday exceptions: If the day your Social Security check is supposed to be deposited is a holiday, your check will be deposited the previous day.
If you have questions on how to Maximize your Social Security Benefits, contact us today. This is what we do! Helping thousands of people that look for ways to maximize their retirement and live a better life.