Social Security beneficiaries are set to receive a 5.9% cost-of-living adjustment increase in 2022. And now, the Social Security Administration has released a schedule of when the increased payments will arrive.
According to GoBankingRates.com, if your birthday is on the 1st through the 10th of the month, your benefits will be paid on the second Wednesday of the month. For January, this means benefits will be paid on Jan. 12, 2022.
For those whose birth dates are on the 11th through the 20th of the month, benefits will be paid on the third Wednesday of each month, starting on Jan. 19, 2022. People with birth dates on the 21st of the month through the 31st of the month, benefits will be paid on t he fourth Wednesday of each month. January’s payments will be made on Jan. 26, 2022.
You can see a full schedule of benefit payments here.
According to the Social Security Administration, some 80 million Americans will see the benefit increase. The historic increase, the biggest in 39 years, comes amid soaring inflation and increases in Medicare Part B premiums.
The boost will bring the average Social Security payment for retired workers to $1,657 per month.
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