A HUGE new Cola Social Security payment is going out this week.
Because of Cost of living (Cola), Social Security payments will increase by 5.9% for about 70 million retired Americans.
This is the largest increase in 40 years.
Monthly payment based on employment history and the age at which individuals claim benefits for the first time.
The Social Security Administration (SSA) mailed COLA notices throughout December to pensioners, survivors, and disability beneficiaries. Americans who receive this adjusted check can now look forward to see them soon.
People whose birthday falls between the 11th and 20th of the month can receive benefits on the third Wednesday of each month, starting January 19.
It comes like Supplemental Security Income Payments is also increasing this month.
Those eligible for the payments will pocket $821 a month this year, compared with $794 in 2021.
Read our COLA 2022 boost live blog for the latest news and updates…
When are SSI payments shipped?
When will the payments come depends on your date of birth.
If your date of birth is October 1, your date of birth will be counted on the second Wednesday of each month.
If your birthday is between the 11th and the 20th, your birthday will be counted on the third Wednesday of each month.
If your date of birth is 21-31, your date of birth will be sent on the fourth Wednesday of every month.
This is Payment January 2022 schedule:
- Second Wednesday: January 12
- Third Wednesday: January 19
- Wednesday, January 26
What is COLA?
COLA, or cost of living adjustment, to offset inflationary, and a formula is followed to determine how much the amount increases or decreases each year.
Each year, the COLA calculation is based on data from the third quarter from the Consumer Price Index for Urban Wages and Wages (CPI-W).
If the CPI-W falls or stays the same, Social Security claimants generally do not receive a COLA.
But with the Labor Department confirming a 5.4% price increase for the 12-month period ending in September, Social Security and SSI recipients will see a 5.9% rate. increase in COLA in 2022.
How many people will see the increase?
About 70 million won Social Security and Recipients of Supplemental Social Security Income will see benefits increase by 5.9 percent in 2022.
Approximately 8 million SSI beneficiaries begin receiving the increased benefits on December 30, 2021.
The 5.9% cost of living (COLA) adjustment will begin for more than 64 million Social Security beneficiaries this month.
New job? Wait to request
Some of the money you earn in your Social Security check is weighted by your income history.
If you haven’t made a lot of money in your career and you just got a better paying job, it makes sense to continue accumulating your benefits.
Present, the maximum taxable salary is $142,800 in 2021, but that number will be increased to $147,000 next year.
Once your earnings exceed that wage limit, you won’t be taxed on it for Social Security.
In addition, many employers have is raising wages in an attempt to attract workers in the past year or so.
Waiting to claim Social Security can be a good opportunity to improve your income history.
Four annual changes
There are at least four changes happening every year when it comes to Social Security:
- Adjust the cost of living
- Income test limit
- The value of labor credit
- Social Security tax limits
Welfare schedule for 2022
A 2022 schedule of the benefit payments indicates when you will receive your payment.
Social Security benefits will be released on a scheduled basis depending on the claimant’s date of birth.
Those with birthdays between the 1st and 10th of the month can expect their first payment on the second Wednesday of the month, which is January 12.
The third Wednesday of the month is for people with birthdays between the 11th and the 20th, which is January 19.
People with birthdays between the 21st and the 31st can receive their payout on the Wednesday of the month, which is January 26.
This schedule is maintained stably through Year 2022.
https://www.the-sun.com/money/4480009/cola-increase-2022-social-security-ssi-payments-update/ Cola increases Social Security updates 2022