The month of January is nearly through, and the year 2022 has begun. The first batch of Social Security checks or benefits has been issued, reflecting the 5.9% cost of living increase for 2022, which is a new high. In the United States of America, the COLA figure is at its highest in 40 years, or four decades.
However, this increase in Social Security payments and Supplemental Social Income comes at a time when inflation is above 7% and may continue to rise.
Social Security Benefits Adjusted for Cost-of-Living Increases
Indeed, inflation appears to be outpacing the cola figure by more than 1%, suggesting that some 70 million Americans, the majority of whom are retired, may have less economic power despite the fact that the dollar value of their Social Security and Supplemental Social Security income has increased by 5.9% where eligible.
Indeed, the COVID-19 epidemic has wrecked devastation on the American economy, especially with the recent emergence of the extremely infectious Omicron form. Economists and President Biden’s administration have ascribed the high inflation rate to a supply chain problem, escalating tensions between Russia and Ukraine, and stimulus payments, as well as the impact of numerous lockdowns and job losses on the US economy as a result of the COVID-19 versions.
For all of these reasons, even if the US economy appears to be rebounding from one of its worst recessions or contractions in history, residents who rely on Social Security and Supplemental Security Income (SSI) need every penny. It’s also crucial to understand if you’re eligible for SSI payments in addition to, or instead of, Social Security benefits.
In this regard, the link at the bottom of this post may be of assistance. It’s likely that you’re nervous about or looking forward to receiving your second cola adjusted social security payment or augmented social income payment. These are expected in February.
Payment Schedules for Social Security
Marca claims that the dates are decided by the month in which you were born. For those whose birthdays occur between the 1st and the 10th of the month, your COLA-adjusted social security checks will be available on Wednesday, February 9th.
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Those whose birthdays fall between the 11th and the 20th of February will get their cheques on Wednesday, February 17th. Those whose birthday occurs on or between the 21st and the 31st of the month will get their payouts on Wednesday, February 24th.