64 million social security beneficiaries are about to get a 5.9% cost of living adjustment (COLA). People will start getting the next round of checks this week. This adjustment is due to the sky-high inflation that the US has experienced in recent months.
Since checks are distributed by birthday, millions of people have already gotten the boosted checks. For those with birthdays between the 1st and the 10th, they should’ve received their first boosted check by January 12th. For people whose birthday falls between the 11th and the 20th, they should get their COLA check by the third Wednesday of the month, or January 19th. Finally, claimants with birthdays between the 21st and the 31st will get checks on the fourth Wednesday of the month, or January 26th.
Other Factors For Payment Dates
Payment dates for social security checks are not completely set in stone. They could easily be impacted by the 2022 holiday schedule. For example, those that get Supplemental Security Income (SSI) got two checks in December due to the holidays. Usually, SSI recipients get their check on the 1st of the month. So, their next check date will be February 1st.
SSI is one facet of the Social Security Administration (SSA). The program specifically aims to help disabled citizens that are over the age of 65. The program extends to those that are blind or otherwise disabled. Generally, they have little or no income.
The SSA has already released a full holiday schedule for 2022, which you can view here.
COLA Affects Social Security Checks, But How Is It Calculated?
According to The Sun, data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is used to calculate COLA. The CPI-W measures how much the cost of goods and services changes. Inflation in 2021 was high. This was due to many things, from the pandemic to supply chain issues. As a result, COLA has increased the amount of most social security checks by $92 or so. The average social security check will go from $1,565 to $1,657. However, the maximum amount for social security in 2022 is $4,194.
It’s not easy to get the maximum amount of social security. To do so, you must earn six-figure paychecks throughout your life, work for at least 35 years, and retire as late as possible. The retirement age varies per person, but in general, the longer you wait the more money you will get. You can start collecting benefits at 62, but full benefits don’t kick in until 65. However, this is a great year to retire. This is because of how high the COLA percentage has gotten. It’s the highest adjustment in almost 40 years.