MILLION seniors will receive about $1,657 worth of social security payments in the coming days.
Retired workers nationwide will see cash increase as 5.9% cost of living adjustment (COLA) increase.
The increase took effect January 1 as inflation continued to hit record highs, affecting consumers.
COLA is calculated based on data from the Consumer Price Index for urban salaried and clerical workers (CPI-W), which measures changes in the cost of goods and services popular.
Retired workers will see an average increase of $92, bringing their monthly benefit from $1,565 to $1,657.
People born in mid-month, from the 11th to the 20th, will receive their payment on February 16th.
And those born on the 20th and on can expect a check on February 23rd.
The next test is for retirees born from the first age to 10 years oldorder of the month will be sent on Wednesday, March 9.
All year, social security payments will be sent on the Mondays, Tuesdays and Wednesdays of each month.
Average monthly payment for couples will increase from $2,599 to $2,753 – a jump to $154.
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Employees with disabilities will see their checks increase to $1,358 a month from $1,252.
Social Security recipients should have received a letter explaining the new COLA increase.
If Americans do not receive their payment by the expected date, they should wait an additional three days in the mail before contacting the Social Security Administration.
The SSA allows beneficiaries to receive their benefits on a monthly basis, and seniors cannot withdraw their funds as a lump sum.
However, retirees who have a separate retirement savings account like a 401(k) can pull out more money if they want to.
The 5.9% increase was the largest increase in COLA in nearly 40 years. Last year, benefits rose only 1.3%.
Interests increased 5.8 percent in 2009, but in subsequent years the adjusted level was zero.
Americans can calculate how much they can afford to pocket through My Social Security website.
Some beneficiaries have feared that despite the cash increase, the payments will not be able to cover the costs of inflation.
Inflation increased by 6.8% between November 2020 and November 2021.
One person tweeted: “Ya, I got a total boost of 30$ to help the cost of things is going up lol.”
Another commented: “My Social Security only goes up to $52, doesn’t even help me pay for my gas.”
Some retirees don’t think they will be able to cover Medicare costs despite the swelling.
Medicare Part B monthly premium for 2022 will increase from $148.50 to $170.10. The $21.60 raise is the largest price increase in the history of the program.
Part B of the package includes doctor visits and other outpatient services such as screenings.
At the time the price increase was announced, Centers for Medicare & Medicaid Services (CMS) officials emphasized that the 14.5% increase would be covered by this year’s COLA.
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https://www.the-sun.com/money/4567689/social-security-payments-dates-february-march-cola/ The exact date all Americans should watch out for as $1,657 worth of Social Security payments arrive in a bank account