Final January Social Security COLA worth $1,657 going out this week – see if you’re eligible

THE final Social Security payments for January are going out this week - and they're worth an average of $1,657 thanks to a boosted COLA.

A 5.9% cost-of-living adjustment (COLA) has been applied to Social Security benefits for 2022 as inflation has soared.

The 5.9% COLA increase was calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.

This boost equates to an average $92 boost a month for beneficiaries, bringing their monthly benefit to $1,657 from $1,565.

This is the largest boost to Social Security in about 40 years, and beneficiaries should’ve already received a letter explaining the new COLA rise.

However, despite these annual adjustments for inflation, a recent study by Senior Citizens League found that the buying power of Social Security beneficiaries has declined by 30% from 2000 to early 2021.

So, this COLA increase might not be all its cracked out to be.

The latest inflation data shows that the rate came in at 7% for December 2021.

When to expect your check

If you have not received your check yet, do not worry.

Social Security payments are received according to the recipients' month and day of birth.

The new Social Security benefits started going out on the second Wednesday of the month to those who have a birthday between the 1st and 10th. 

Those with birthdays that fall between the 11th and 20th receive their benefits on the third Wednesday and claimants with birthdays ranging from the 21st through the 31st get their checks on the fourth Wednesday of the month.

It means that this month's payments are going out on January 12, January 19, and January 26.

Read our COLA live blog for the very latest news and updates...

If you do not receive your benefit check on the expected date, it is recommended to wait three mailing days before contacting the Social Security Administration (SSA).

You can also look at the full payment schedule for 2022. 

Are you eligible?

Social Security benefits are based on an individual's record of covered earnings.

To be eligible, you must be at least 62 years of age or disabled and have at least 40 work credits.

If you think that you might be eligible for this program, you can apply for the program online.

If you are unable to complete the application online, you can apply by calling the SSA between 8am and 7pm.

We explain five things to know about Social Security that can save you hundreds of dollars.

You need to do these five things before claiming Social Security.

Plus, find out why it makes sense for some to start claiming Social Security benefits at 70.